The group's normalized EBITDA, or earnings before interest, taxes, depreciation and amortization, remained at a similar level on year, amounting to €137 million, according to a press release.

Eesti Energia's first quarter results were influenced by higher electricity market prices, stable liquid fuels production and additional revenue streams from the opening of the frequency reserve market.

According to Chief Financial Officer (CFO) Marlen Tamm, timely completed investments played a role as well.

"Despite the poor wind conditions in the first quarter, we managed to produce more renewable energy than last year thanks to our new wind farms," Tamm highlighted.

"At the same time, higher market prices allowed dispatchable power plants to access the market more frequently than usual," she added.

In the first quarter of this year, Eesti Energia produced 1,329 gigawatt-hours (GWh) of electricity, up 8 percent on year.

Of the total electricity output, 53 percent — or 708 GWh — was renewable energy, representing an 11 percent increase on year. Non-renewable electricity production, meanwhile, increased by 5 percent to 621 GWh.

According to Tamm, there is still a shortage of competitively priced dispatchable generation capacity in the Baltics.

"The integration of the Baltic states with the Continental European electricity grid, the decline in renewable energy output due to poor wind and solar conditions and the failure of the Estlink 2 transmission cable all increased demand for dispatchable power plants and improved market access opportunities for older generating units," she explained.

Due to reduced operating loads, the group's liquid fuels production volume fell 5 percent to 122,000 metric tons last quarter. Sales volumes, however, increased by 15 percent to 127,000 tons due to the sale of 2024 inventory.

In the first quarter, Eesti Energia invested €97 million, 42 percent less than in the same period last year. Of this, €38 million went to subsidiary Enefit Green's renewable energy development, and €26 million was invested in the electricity network by electricity distribution system operator (DSO) Elektrilevi.

In addition, the company invested €13 million in the Enefit 280-2 plant and €2 million in the completion of the Auvere battery park.

According to the CFO, the group has reached the final phase of its major investments, which is why the volume of investments is now decreasing significantly.

In the first quarter of 2025, Eesti Energia paid a total of €26 million in taxes and environmental charges to the state.

Its CO2 emission costs at market price, meanwhile, amounted to €73 million.

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