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Eesti Energia invested nearly half a billion euros in 2022. This is the largest investments in one year in the history of the group and almost 200 million euros more than the previous year. Record-breaking investments were also made by the energy group's renewable energy company Enefit Green in wind and solar parks and the distribution network company Elektrilevi for the development of the Estonian power network.

"Eesti Energia's rapid growth in the energy markets of the Baltic Sea region enabled us to make record investments," said Andri Avila, CFO and board member at Eesti Energia. The lion’s share of the €447 million investment volume was used for the construction of wind and solar parks, for increasing the reliability of the distribution network and for connecting micro-producers to the power network.

The group's renewable energy company Enefit Green quadrupled its volume of investments to a record €161 million. "Furthermore, Enefit Green made six investment decisions in the amount of half a billion euros - for three onshore wind farms and three solar farms - to bring more affordable and environmentally friendly electricity to the market," Avila added.

As of the end of 2022, Enefit Green had a total of six wind farms under construction with a total capacity of 546 megawatts and four solar farms with a total capacity of 50 megawatts.

The distribution network company Elektrilevi also made its largest investment in its operating history. In order to develop the network and enable micro-production, the network company increased its investments by a fifth, reaching €126 million. Similar to the investments, the volume of requests to connect to the network set a record for Elektrilevi, with over 12,800 connection applications from micro-producers submitted during the year. 4,946 producers of electricity were connected to the network over the year.

More than 100,000 new customers in the Baltics

The number of the group's customers in the Baltic countries, Finland and Poland increased by more than a fifth. Eesti Energia had 605,397 customers by the end of the year. The biggest contribution to this growth was the quadrupling of the number of customers in Lithuania. The number of the company's customers increased in their other home markets as well - in Latvia by 71%, in Poland by 89% and in Finland by 24%. Similarly to the number of customers, the Net Promoter Score (NPS) showing customer satisfaction increased from 31 points to 39 points during the year.

“Enefit has become the second largest market participant after the local market leaders in both Latvia and Lithuania as a result of rapid growth,” Avila emphasized and added that the increase in customer satisfaction over the year is also encouraging for it shows that the company was able to support customers in the energy crisis and offer effective solutions.

Majority of electricity was sold by Eesti Energia outside Estonia: in Finland, Latvia, Lithuania and Poland. Retail sales of electricity grew the most in Latvia.

Eesti Energia's sales revenue increased by 69% to €2.2 billion in 2022, of which 56% was earned outside Estonia.

To alleviate the energy crisis, we increased our electricity output

Eesti Energia produced a total of 6,260 GWh of electricity in 2022, which is by 20% and 1,043 GWh more than the previous year. "Eesti Energia produced more than 70% of Estonia's electricity consumption in 2022, thanks to which Estonia became a country exporting electricity in May, June, July and September again over the years," Avila explained. According to him, the share of renewable electricity in the entire group's electricity production was 23.2%, including the renewable electricity output of both Enefit Green and Enefit Power.

Eesti Energia paid a total of €669 million in taxes and environmental fees to the state in 2022. Of this, €124.5 million as various direct taxes and excise duties, and €544.4 million as CO2 emission costs at the market price.

The group's normalized EBITDA, excluding the effects of changes in the value of long-term power purchase agreements, was €333 million in 2022, increasing by 37% compared to last year. Eesti Energia's normalized net profit was €128.3 million, more than three times higher than last year.

Eesti Energia’s performance in 2022

\*Normalized performance that does not include revaluation of derivatives