Eesti Energia Earned €54 Million in Net Profit Over Nine Months

Eesti Energia Group generated €1.2 billion in revenue and €54 million in normalised net profit over the first nine months of 2025. In the third quarter, the Group posted €283 million in revenue and a normalised net loss of €61 million. The results were impacted by low electricity prices, increased balancing energy costs, and scheduled maintenance of production units.

Eesti Energia’s CFO Marlen Tamm explained that the third-quarter loss reflects a challenging market environment. “Seasonal factors, such as planned maintenance of production assets, had a significant impact on the quarter’s results. Additionally, low market prices and the write-down of Enefit 280-2 oil plant’s book value due to extended construction period also affected performance,” said Tamm.

“To adapt to changing market conditions, we are building an integrated electricity business to improve asset productivity. This transformation will help us better monetise energy produced during low-price hours and enhance the profitability of our electricity operations.”

In Q3, Eesti Energia Group produced 425 GWh of electricity, a 38% decrease compared to the previous year. Of this, 86% or 369 GWh was generated from renewable sources.

“The electricity market is adjusting to a new reality – a significant increase in renewable energy capacity in the Baltics has driven prices down. At the same time, balancing costs have surged following the desynchronisation of the Baltic power grid, while the opening of frequency markets has created new revenue streams,” Tamm noted.

“In an environment of low market prices and high balancing costs, it is increasingly difficult for electricity producers to remain profitable.”

Due to low market prices, dispatchable generation units were unable to access the market for much of the quarter, producing only 57 GWh of electricity – an 83% drop year-on-year.

“In Q3, we experienced a seasonal production slowdown, primarily due to planned maintenance in both electricity and oil production facilities. This is the optimal time to prepare power plants for the peak production season in Q4 and Q1, when electricity demand is highest.”

Liquid fuel production fell by 52% year-on-year to 42,000 tonnes due to scheduled equipment maintenance.

The company invested €104 million in Q3, down 37% from the same period last year. Over 40% of this was allocated to Elektrilevi’s grid investments, while nearly a quarter went to renewable energy development by the Group’s subsidiary Enefit Green.

According to Tamm, the goal is to continue targeted investments in storage solutions, dispatchable capacity, and renewable energy assets to improve the profitability of the Group’s production portfolio.

“Our aim is to sell electricity from our own production assets and generate power based on the needs of our customer portfolio, rather than random market demand. We strive to balance production and sales to maximise the value of every megawatt-hour,” Tamm explained.