Energy, Energy Market, Estonia, Good for Business
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 20:46
Eesti Energia's net profit EUR 23.2 mln in 2019
Total revenue grew by 13% or 120.9 mln euros year over
year. Sales revenue grew by 9% or 81.2 mln euros to 956.4 mln euros. Earnings
before interest, taxes, depreciation and amortization (EBITDA) decreased by
23.4 mln euros to 259.8 mln euros and net profit dropped by 83 mln euros to
23.2 mln euros.
The group's CFO Andri Avila said that when it comes to
operating revenue, the group recorded its best ever result, which shows that
they have been moving in the right direction developing the fields of renewable
energy, liquid fuels and services directed to clients in the first place. The
CFO admitted that the group's profitability suffered as a result of large-scale
changes undertaken in large energy generation, as the group had to react to the
market situation to be able to move towards the future stronger.
As another negative factor, the CFO highlighted an increase
by over 33 mln euros in amortization. This was caused in the first place by the
addition of the Auvere power plant to group assets.
On the upside, the CFO observed that the group's vigorous
steps in developing renewable energy have borne fruit and the renewable energy
subsidiary Enefit Green has become the most profitable company of the group
within a few years.
Eesti Energia produced a total of almost 1.65 terawatt-hours
of renewable energy during the year, of which renewable electricity made up
1.28 terawatt-hours. Of that mount one TWh was generated by the wind farms in
Estonia and Lithuania, which demonstrated good dependability. The rest was
generated mainly from wood waste, at solar parks and at cogeneration
stations.
Of the total electricity generation volume, electricity
produced from renewable and alternative resources constituted 36% in 2019, up
from 13% in 2018. The group's target when it comes to this indicator is 45%
by 2023.
The group’s electricity generation volume totaled 5.5 TWh in
2019, marking a reduction by 39.2 % year-on-year. Eesti Energia’s electricity
sales and generation volume were impacted by higher market prices of carbon
emission allowances, and more extensive than anticipated maintenance works at
the power plants, mainly related to the newest power unit Auvere.
In 2019, the average CO2 emission allowance price was 24.9
euros per ton, 59.4 %
higher than in 2018, while the average market price of
electricity stayed on a level comparable with that of 2018.
Reduction in the generation of electricity from oil shale
resulted in the amount of CO2 emissions by Eesti Energia dropping 48 % year on
year to 5.9 mln tons. As a result, total emissions by Estonia fell by about a
quarter, which put Estonia among the countries that are reducing their carbon
footprint the fastest in Europe.
The group’s annual shale oil output, 442,000 tons, marks an
increase of 7.8 % year on year and is the highest level ever achieved. Sales
volume totaled 436,000 tons, representing an improvement of 11.0% on year.
The group's network service subsidiary Elektrilevi saw its sales
revenue decline due to a reduction in the network tariff for customers, which
left some 20 mln euros more in the hands of customers. The reduction in the
price of the service was enabled by effective management and a favorable
interest environment.
Investments by Eesti Energia dropped 30% to 136 mln euros.
Investments into the distribution network continue to make up the largest share
of total capital expenditures -- 83 mln euros. The biggest factor behind the
reduction in investments was the completion of the investment in the Auvere
power plant that was accepted from the contractor in 2018.
- 28.01.2022 BONO aims at a billion!
- 13.02.2021 Моя жизнь в газете. Очерки по новейшей истории Латвии. Глава 1
- 30.12.2020 Накануне 25-летия Балтийский курс/The Baltic Course уходит с рынка деловых СМИ
- 30.12.2020 On the verge of its 25th anniversary, The Baltic Course leaves business media market
- 30.12.2020 Business Education Plus предлагает анонсы бизнес-обучений в январе-феврале 2021 года
- 30.12.2020 EU to buy additional 100 mln doses of coronavirus vaccine
- 30.12.2020 ЕС закупит 100 млн. дополнительных доз вакцины Biontech и Pfizer
- 29.12.2020 Linde Gas открывает завод в Кедайняйской СЭЗ
- 29.12.2020 Number of new companies registered in Estonia up in 2020
- 29.12.2020 18-19 января Наталия Сафонова проводит семинар "Управленческий учет во власти собственника"