The group's normalized Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), excluding the effects of changes in the value of long-term power purchase agreements, stood at €333 million in 2022, increasing by 37 percent compared to last year.

Eesti Energia's normalized net profit was €128.3 million, more than three times higher than last year.

Eesti Energia's sales revenue increased by 69 percent, to €2.2 billion, in 2022, 56 percent of which was earned outside Estonia.

The company produced a total of 6,260 GWh of electricity last year, a rise of 20 percent (1,043 GWh more) than the previous year.

The company also produced close to three-quarters of Estonia's electricity consumption needs, domestic, commercial and state/municipal combined, in 2022.

Andri Avila, CFO and board member at Eesti Energia said: "Eesti Energia produced more than 70 percent of Estonia's electricity consumption in 2022, thanks to which Estonia became a country exporting electricity in May, June, July and September again over the years," Avila explained. 

The share of renewable electricity in the entire group's electricity production stood at 23.2 percent, including the renewable electricity output of both Enefit Green and Enefit Power, the company reports.

Enefit is also the name Eesti Energia trades under internationally.

Eesti Energia paid €669 million to state coffers in 2022

Eesti Energia paid a total of €669 million in taxes and environmental fees to the state last year. Of this, €124.5 million as various direct taxes and excise duties, and €544.4 million as CO2 emission costs at the market price.

Eesti Energia invested nearly half-a-billion euros (€447 million, to be precise) in 2022, the largest figure in one year in the history of the group, and almost €200 million more than in 2021.

The energy group's renewable energy company Enefit Green, made the record-breaking investments  in wind and solar parks, while the distribution network company Elektrilevi, made higher-than-ever investments Estonian power network.

The lion's share of the €447 million investment volume went on the construction of wind and solar parks, on increasing the reliability of the distribution network and on connecting micro-producers to the power network.

Micro-producers are those, often private individuals, who have for instance solar panels or a wind turbine on their property, and who can sell their excess to the national grid.

Enefit Green quadrupled its volume of investments to €161 million, also a record level, and made half-a-dozen investment decisions totalling half-a-billion euros, in respect of three onshore wind farms and three solar farms.

Elektrilevi's investments rose by a fifth, to €126 million. The volume of requests to connect to the network also set a record for Elektrilevi, with over 12,800 connection applications from micro-producers submitted during the year.

4,946 producers of electricity were connected to the network over the year.

As of the end of 2022, Enefit Green had a total of six wind farms under construction with a total capacity of 546MW, and four solar farms with a total capacity of 50MW.

The total of the group's customers in the Baltic countries, Finland and Poland increased by more than 20 percent last year. Eesti Energia had 605,397 customers by year-end, with the biggest contribution to this growth made up of the quadrupling of the number of customers in Lithuania.

The number of the company's customers increased in their other home markets as well - in Latvia by 71 percent, in Poland by 89 percent and in Finland by 24 percent.

"Enefit has become the second largest market participant after the local market leaders in both Latvia and Lithuania as a result of rapid growth," Avila said.

In line with the number of customers, the Net Promoter Score (NPS) showing customer satisfaction increased from 31 points to 39 points during the year, the company says.

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