Energy, Estonia, Investments

The enterprise invested a total of 600 million kroons during the first three months of its financial year.

“The results of all three business sectors of the group demonstrated fast growth in the first quarter while the spending base decreased and the flexibility increased significantly – this guaranteed success for the group as a whole,” commented the FCO Margus Kaasik.

Increased electricity sales volumes had positive impact on the first-quarter results, as did an improvement in the company’s efficiency and cuts in spending. The growth in profits were also supported by an increase in the volume of renewable energy, the opening of the electricity market in Estonia and the success in energy trading.

Investments mostly concerned the improvement of the durability and quality of the electricity network in Estonia, the establishment of the new oil plant based on the Enefit-technology, the installation of the sulphur purification equipment and modernising of mines.

According to Kaasik, Eesti Energia’s investments exceeded net profits by nearly three times.

In the first quarter of its financial year, Eesti Energia sold a total of 2,266 GWh of electricity – by ten% more than during the same period of time last year.

The most important event of the first quarter of the company’s financial year was the signing of the concession agreement in Jordan for using the oil shale resources of Attarat Um Ghudran in order to produce shale oil and electricity. During the spring, Eesti Energia’s new shale oil plant also received a cornerstone.