Enefit Green's Q3 profit up 50% amid high market power prices

Source: Enefit Green AS.

Baltic renewable energy producer Enefit Green AS (TAL:EGR1T) today reported a 50% year-on-year increase in its third-quarter profit to EUR 22.9 million (USD 22.7m), mainly thanks to high market prices of electricity and lower net financial costs and income tax expenses.

The Estonia-based company currently operates 457 MW of renewable electricity generation capacity, including wind, solar, co-generation and hydropower plants at home, as well as facilities in Lithuania, Latvia and Poland. In addition, it has 81 MW of installed heat production capacity.

Regardless of the 24% decrease in power output due to less favourable wind conditions, Enefit registered a 66% jump in total revenues on a yearly basis. Its performance benefitted from the growing electricity prices in the Estonia price area of the Nord Pool (NP) power exchange, which helped the company achieve a 90% increase in power sales revenue. As a result, its total revenues in July-September rose to EUR 60.3 million. Details are available in the table below.

Amounts in EUR million	Q3 2022	Q3 2021
Electricity production (GWh)	189	250
Total revenues	60.3	36.4
-- from power sales	57.3	30.1
EBITDA	32.7	25.5
Net profit	22.9	15.3
EPS	0.09	0.06

“Enefit Green will continue on a rapid growth course, because the only long-term solution to the energy crisis is a sufficient amount of renewable energy. Therefore, Enefit Green strives to reach additional investment decisions for more than 300 megawatts of new capacities before the end of this year,” said Aavo Karmas, chairman of Enefit’s management board.

In the third quarter, Enefit Green allocated close to EUR 80 million for the construction of new wind and solar parks in Estonia, Lithuania, Poland and Finland. The plants, with a combined capacity of 258 MW, are due to go online in 2023.

(EUR 1.0 = USD 0.990)

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