Eesti Energia's sales revenue in the second quarter amounted to 415 million euros, and its normalized net profit amounted to 109 million euros. The amount of renewable electricity produced by the group increased by 38 percent compared to last year. The share of renewable electricity in the group's total electricity production reached 59 percent. In the second quarter, the company invested 212 million euros, which is 17 percent more than in the same period last year. This includes 130 million investments made by the Enefit Green group’s subsidiary in the development of the renewable energy sector. Eesti Energia Chief Financial Officer Marlene Tamm explained that the group's sales revenue remained at last year's level. The results were influenced by both a significant increase in renewable energy production and a decrease in shale electricity production. “Eesti Energia’s focus on producing electricity with a low carbon footprint will allow it to supply electricity to the market in larger volumes and at more competitive prices, and will also improve the company’s financial performance,” said Tamm. The highest share of renewable electricity in history In the second quarter, Eesti Energia produced 756 gigawatt-hours of electricity, which is the same as last year. The share of renewable electricity was a record 59 percent, or 447 gigawatt-hours. “The growth in the share of renewable electricity in the total volume of electricity produced was influenced by both the low competitiveness of shale electricity on the market and the increase in production of wind and solar parks already built and under construction by Enefit Green. We will certainly see a further increase in the share of renewable energy, as we plan to focus our investments specifically on increasing the production of renewable energy,” explained Tamm. Due to low market prices for electricity, shale installations have not entered the market for most of the time. As a result, fossil-fuel power production fell 19 percent in the second quarter to 309 gigawatt-hours. The concern's CO2 emissions in the second quarter also decreased by 184 thousand tons (-26%). The main focus of investments is renewable energy sources and the power grid. The concern's investments amounted to 212 million euros. Investments will continue to focus on completing major projects, Tamm said. “The Enefit Green wind and solar parks under construction will help bring competitive and environmentally friendly renewable energy to the market in the future. When current projects are completed and begin to generate income, we will be able to consider the next investments that are important for the energy sector. For example, uncontrolled renewable energy also needs storage capacity and controlled generation,” explained Tamm. More than half of the group's investments, 130 million euros, were made by Enefit Green in the development of wind and solar parks. Another large sum, 35 million euros, was allocated to the development of electrical networks. Due to equipment maintenance work, the concern's liquid fuel production volume decreased by 11% compared to last year to 111 thousand tons, but sales remained at 124 thousand tons. The group's normalized EBITDA (operating profit before depreciation and amortization) amounted to 159 million euros in the second quarter, up 37 percent compared to the same period last year. The group's normalized net profit amounted to 109 million euros, which is 114 percent more than last year. The most significant positive impact on the result came from additional revenues from increased renewable energy production and improved liquid fuel sales results. Earnings were impacted by lower profitability of shale electricity. The group's first-half revenue was €915 million (-8%) and normalized net profit was €197 million (+2%). In the second quarter of 2024, Eesti Energia paid a total of 22 million euros in taxes and environmental fees. In addition, the cost of CO2 emissions in the second quarter amounted to 37 million euros at market prices. Read RusDelfi wherever it is convenient for you. Follow us on Facebook, Telegram, Instagram and even TikTok.
