Enefit Green net profit down 93 percent in second quarter

Estonia's first hybrid wind and solar park in Purtse, Ida-Viru County.
Estonia's first hybrid wind and solar park in Purtse, Ida-Viru County. Source: Enefit Green

The net profit of Eesti Energia renewables subsidiary Enefit Green fell by 93 percent to €1.1 million in the second quarter of 2023. Turnover was down 12 percent to €36.6 million.

Enefit Green's turnover fell from €41.5 million in the second quarter of last year to €36.6 million this year.

CEO Aavo Kärmas said that the company's second quarter results did not meet expectations due to various factors affecting power generation and prices.

"Revenue from the lower calculated price of electricity and smaller than anticipated wind power output left their mark, as did higher fixed costs," Kärmas said.

Enefit Green sold electricity to the market at the average price of €63.7 megawatt-hours in the second quarter, down considerably from €127.6 per MW/h in 2022.

The company made a net profit of €1.1 million, down 93 percent from €16.9 million last year.

The company gave as the reason lower electricity prices and higher purchases of electricity for balancing its portfolio, as well as an extra €4.7 million in income tax on dividends.

The group invested €74.6 million in the second quarter for an increase of €33.6 million over the reference period. €48 million was invested in the Tolpanvaara, Sopi-Tootsi and Akmene wind farms. The Vändra Solar Park received the most in investments on the solar side.


Follow ERR News on Facebook and Twitter and never miss an update!

Editor: Marcus Turovski

Hea lugeja, näeme et kasutate vanemat brauseri versiooni või vähelevinud brauserit.

Parema ja terviklikuma kasutajakogemuse tagamiseks soovitame alla laadida uusim versioon mõnest meie toetatud brauserist: