Elering net profit up 16% on year in first nine months of 2018
In the first nine months of 2018, the income of Estonia's state transmission system operator (TSO) Elering totalled €100.4 million, with operating profits of €18.2 million and a net profit of €6.5, up 16% on year.
Revenue from electricity and gas transmission-related services increased by €4.2 million to €74.9 million on year, while the sales of energy markets-related services increased by €4.9 million to €25.4 million.
Operating costs were significantly impacted by the increase in the costs of balancing electricity and regulation services by 27%, increasing to €24.5 million. Elering purchases all loss energy needed for transmission service from the power exchange. In connection with the higher price of electricity on the power exchange, loss energy costs increased by €3.2 million, reaching €13.2 million.
Elering's cash flows from operating activity in the first nine months totalled €27 million. A total of €69.6 million was invested in non-current assets, €7 million of which was covered by EU support. A total of €4.2 million in revenue from cross-border auctions of transmission capacities was received.
Cash flow from financing activities was impacted by the issuing of €224 million in new Eurobonds with more than fourfold oversubscription as well as the redemption of earlier bonds in the amount of €225 million euros. A total of €40 million was received from an increase of share capital, while the company repaid €5.5 million in loans.
Elering's asset volume as of the end of September totalled €943.7 million, with equity totalling €372.7 million.
Download the ERR News app for Android and iOS now and never miss an update!
Editor: Aili Vahtla