News

Eesti Energia’s sales revenue for Q3 2018 was 199.7 million euros, which is 26.7% more than in 2017. EBITDA was 58.4 million euros, increasing 8.1% with a year. Net profit was 10.9 million euros.

“Compared to last year, the sales volumes of all of our main products increased. Higher sales revenue for electricity and liquid fuels resulted both from larger sales volumes and increased market prices. The effect of the 9% lowering of the network service tariff was largely compensated by increased sales volumes. The sales revenue of other products grew mainly due to higher profits in oil shale sales. Warm weather brought a decrease in the sales revenue of thermal and gas energy,” Andri Avila, the Financial Director of Eesti Energia noted.

The electricity produce of the Group in the third quarter was 2,182 gigawatt hours, which exceeded the consumption of Estonia by 377 gigawatt hours. In total, 2,538 gigawatt hours of electricity was produced in Estonia, which is 733 gigawatt hours more than consumed. Eesti Energia’s electricity produce formed 86% of the total Estonian production.

“We produced 3.8% more electric power than a year ago. It was favoured by a higher market price compared to the third quarter of last year. We produced 77.3 gigawatt hours of renewable energy, of which 64.4 gigawatt hours in Enefit Green. Compared to last year, Enefit Green’s production volume increased by 12%,” Avila explains. The major part of renewable energy produce was provided by wind farms, which generated 47.7 gigawatt hours of electricity due to favourable wind conditions, which makes 18% more than the year before.

The network service revenue fell by 0.8% compared to the previous year, the sales volume, however, increased by 1.3%. The average duration of power outages caused by faults was 52.6 minutes or 12.4 minutes more than a year ago, due to windier weather conditions. According to Avila, replacing bear wires with weather-proof cables helps to decrease the number of power outages, and at the end of the third quarter, the share of weather-proof network in Elektrilevi’s low voltage grid was 87%, and 38% in the medium voltage grid.

“This period brought a good news to our customers - the Competition Authority approved Elektrilevi’s application to reduce the network service fee by 8% on average from next year. This is an addition to the 9% price cut taken place last year as the result of two price changes,” Avila notes, and specifies that our customers, too, have an important role in the lowering of network fees by having abandoned unnecessary capacities and enabled Elektrilevi to save on operational expenditure.

Eesti Energia produced a total of 103.6 thousand tons of liquid fuels, which makes 45.6% more compared to the same period last year. “The volume of production increased thanks to a better reliability of oil factories and a shorter maintenance repair of Enefit280. This is one of the most successful quarters in oil production through times,” Avila says. We sold 79.5 thousand tons of liquid fuels and we earned a sales revenue of 20.7 million euros. The revenue of liquid fuels increased by 35.5% compared to the same period last year. According to Avila, the sales volume grew 9.3% compared to the same period last year.

We invested a total of 65 million euros in the third quarter, the third of which was the last payment for Auvere Power Plant.