Eesti Energia’s first-quarter net profit remained at the same level as last year

In the first quarter, the group generated €530 million in revenue and €93 million in normalised net profit. The 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 Eesti Energia’s Chief Financial Officer Marlen Tamm, timely completed investments played a role in the strong results. ‘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.’ ‘At the same time, the higher market prices allowed dispatchable power plants to access the market more frequently than usual,’ Tamm explained. ‘In addition, the frequency reserve market that opened in February created additional earning opportunities for the newly completed Auvere battery storage facility, wind farms and the older oil shale plants.’

In the first quarter, Eesti Energia Group produced 1,329 gigawatt-hours of electricity, which is 8% more than in the previous year. Of the total electricity output, 53% – or 708 gigawatt-hours – was renewable electricity, representing a 11% increase compared to the previous year. Non-renewable electricity generation increased by 5% to 621 gigawatt-hours.

‘We see that the Baltic States still lack competitively priced dispatchable generation capacity.’ ‘The integration of the Baltic States with the Continental European electricity network, the decline in renewable energy output due to poor wind and solar conditions, and the failure of the EstLink2 transmission cable all increased demand for dispatchable power plants and improved the market access opportunities for older generating units,’ Tamm explained.

The Group’s liquid fuels production volume fell by 5% year-on-year to 122 thousand tonnes due to reduced operating loads. Sales volume, however, increased by 15% to 127 thousand tonnes due to the sale of 2024 inventory.

The company invested €97 million in the first quarter, which is 42% less than in the same period last year. Of this, €38 million comprised investments by the Group’s subsidiary Enefit Green in renewable energy development, and €26 million was invested by the network operator Elektrilevi in the electricity network. In addition, €13 million was invested in the Enefit 280-2 plant and €2 million in the completion of the Auvere battery park.

According to Tamm, the Group has reached the final phase of its major investments, which is why the volume of investments is now decreasing significantly. ‘At present, we are focusing on getting existing development projects operational and generating returns.’ ‘Auvere battery storage facility is a good example of how an investment can benefit both society through lower system costs and the company through additional revenue.’ ‘We intend to make similar investments that are important for the energy system in the future,’ Tamm added.

The Group’s first-quarter revenue amounted to €530 million, representing a 6% increase compared to the previous year. The Group’s normalised EBITDA, or earnings before depreciation and amortisation, remained at a similar level to last year, amounting to €137 million. The Group’s normalised net profit increased by 6% to €93 million.

In the first quarter of 2025, Eesti Energia paid a total of €26 million in taxes and environmental charges to the state. In addition, CO₂ emission costs at market price amounted to €73 million.