Elektrilevi's operating profits up 29 percent on year
Electricity distribution network company Elektrilevi's pre-tax operating profits for the first quarter (Q1) of 2024 increased by 29 percent to €32.4 million due to a combination of higher sales and lower operating costs.
Elektrilevi's sales revenue in Q1 2024 amounted to €85.6 million, which is seven percent more than for the first quarter of last year.
"Although Elektrilevi invested a total of €21 million in the first quarter, this amount was approximately 30 percent less than in the same period last year. These lower investments in the first quarter are directly related to the sharp decline in connection volumes. At the same time, we plan to continue investing more than €100 million in 2024 to increase the security of supply and to connect producers. The first procurements have already been successfully completed and are now in progress," said Elektrilevi's CFO Kristi Ojakäär.
"In the first quarter of this year, we have invested €2.5 million in line maintenance and extension works, which is 400 percent more than in the same period last year. We are already seeing the results of our work and we are keen to continue, but it is clear that we need to find additional funding to keep up the same pace. The biggest focus is on the extension of the line corridors, which is a very important activity in terms of reducing faults and improving the quality of service," said Elektrilevi CEO Mihkel Härm.
In Q1 2024, 345 new generators with a total capacity of 28.5 megawatts (MW) were added to the grid, compared to 1,331 generators with a total capacity of 41.5 MW a year ago.
"It is clear to see that, with the stabilization of electricity prices, the generator boom is over for now. At the same time, it is good to see that the number of green power producers continues to rise. In total, there are already 21,270 green power producers with a capacity of 858.7 MW. The maximum capacity added to the grid by generators in March was 598 MW, up by as much as 49 percent when compared to the same period last year," said Härm.
Sales volumes of grid services in the first quarter were up 5.9 percent year-on-year to 2.01 terawatt hours (TWh). The increase in transmission volumes was linked to the low outdoor temperatures this January, which were on average around five degrees colder than last year.
The average network tariff decreased by 0.4 percent.
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Editor: Michael Cole
