Estonian renewable energy producer Enefit Green AS (TAL:EGR1T) today reported a first-quarter (Q1) net profit of EUR 34.9 million (USD 36.8m), up 124% year-on-year due to a jump in electricity prices and wind power production.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 75% to EUR 45.6 million. The main reason for the significant increase were elevated Estonian electricity prices and greater wind energy production volumes in Lithuania and Estonia. The Wind segment accounted for 76% of Q1 EBITDA.
Enefit Green said the implied captured electricity price it received, including various subsidies, went up to EUR 127/MWh in Q1 2022 from EUR 87/MWh a year earlier. In the Estonia price area of the Nord Pool (NP) power exchange, the average price surged to EUR 133.4/MWh from EUR 51.8/MWh, boosting the firm’s revenues by roughly EUR 15.5 million. In total, they grew by EUR 24.6 million year-over-year.
Key figures for the quarter are available in the table.
|Results in EUR million
|Electricity production (in GWh)
|Heat production (in GWh)
At the end of 2021, Enefit Green had 457 MW of installed power capacity and 81 MW of heat production capacity. It is currently building 211 MW of wind farms in Lithuania, Estonia and Finland, and 15 MW of solar parks in Poland. In the second quarter, the company expects to make investment decisions on over 100 MW of additional projects.
(EUR 1 = USD 1.053)
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