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Elering earns €22 million profit in first half of 2019

Elering is Estonia's TSO.
Elering is Estonia's TSO. Source: Siim Lõvi/ERR

In the first half of 2019, transmission system operator (TSO) Elering earned an operating income of €85.1 million, an operating profit of €29.9 million and a net profit of €22 million.

A sum of €10.9 million from an arbitration dispute received in the first quarter and increased income from electricity transit had a positive impact on Elering's income and profitability, according to a company press release.

At the same time, as a result of warm weather, consumption of electricity and gas were down, which had an influence on revenue from the transmission of power and gas. Despite this, Elering's operating income in the first half of the year increased by a total of 19 percent.

The TSO's operating expenses in the first half of the year, meanwhile, increased 3.1 percent on year to €55.1 million. The greatest increase — €1.4 million — came in expenses related to energy markets. As the increase in the exchange price of electricity continued at the beginning of the year, expenses for covering network losses increased by 9 percent.

Elering's asset volume at the end of June was €1.02 billion, and non-current assets amounted to €879 million. The volume of non-current assets grew by €94.6 million over the course of the year. At the half-year mark, the company's equity capital stood at €377.5 million and loan volume at €348.4 million.

Elering is an independent and autonomous electricity and gas compound system operator whose main task is to ensure quality energy supply to consumers in Estonia. The company manages, administers and develops national as well as international energy infrastructure. With its operation, Elering ensures the conditions for the functioning of the energy market as well as for economic development.


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Editor: Aili Vahtla

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