Eesti Energia posted €1.2 billion in revenue and €54 million in normalized net profit for the first nine months; Q3 brought a €61 million normalized net loss.
Eesti Energia said its results were affected by low electricity prices, higher balancing energy costs and scheduled maintenance at production units.
Marlen Tamm, Eesti Energia’s chief financial officer, explained that the third-quarter loss reflects a challenging market environment.
“Quarterly results were significantly impacted by seasonal factors such as scheduled maintenance of production assets. In addition, low market prices and an impairment of the [Auvere] oil plant’s book value due to a prolonged construction period affected performance,” Tamm said. “To adapt to changing market conditions, we’re building an integrated electricity business to improve asset productivity. This shift will help us better monetize energy produced during low-price hours and boost the profitability of our electricity operations.”
In the third quarter, Eesti Energia Group produced 425 gigawatt-hours of electricity – 38 percent less than during the same period last year. Of that, 86 percent (369 gigawatt-hours) came from renewable sources.
Read more: ERR.EE
