Despite strong financial results for the first nine months of the year following earlier restructuring efforts, Eesti Energia said further changes are needed to align costs with earning potential and improve efficiency amid an uncertain energy market.

Eesti Energia CEO Andrus Durejko said the company will begin preliminary consultations on November 5 with employees and their representatives regarding collective redundancies. Final figures will be determined after consultations are completed.

Under the initial plan, the cuts would affect about 10 percent of positions across the group.

The company plans to eliminate a total of 390 positions at Enefit Industry, Enefit Power and Eesti Energia AS. Additional reductions are also planned at Enefit OÜ and Elektrilevi.

According to the company, the restructuring will primarily affect non-critical support positions in production units and support functions within central group operations.

Durejko said the changes will not affect service quality, electricity supply security or production continuity. The planned restructuring also does not affect operators at oil production facilities or power plants.

"We understand the negative impact these changes have on employees and the region, and we will do everything we can to support people throughout the process. We will reorganize work where possible, explain available measures and compensation, and provide career support and counseling," Durejko said.

Eesti Energia also released its nine-month financial results on Thursday. Group revenue rose 12 percent year over year to €1.33 billion. EBITDA increased 7 percent to €235 million, while net profit rose 36 percent to €42 million.

Third-quarter revenue increased 38 percent from a year earlier to €389 million. EBITDA reached €60 million, while net profit totaled nearly €2 million.

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