Enefit Green's Q2 net profit soars 80% thanks to high power prices

Baltic renewable energy producer Enefit Green AS (TAL:EGR1T) today reported an 80% year-on-year surge in its net profit for the second quarter of 2022 thanks to high market prices of electricity and lower net financial 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.

In April-June 2022, Enefit registered a 30% rise in total revenues amid 6% higher electricity production. While wind conditions were comparable to those in the second quarter of 2021, the electricity price in the Estonia price area of the Nord Pool (NP) power exchange soared and consequently increased the group’s top line by around EUR 11.5 million (USD 11.7m).

The exact figures are available in the table below.

“Energy prices in the region continued to break new records in the second quarter, keeping consumers and industry under intense pressure across Europe,” commented Aavo Kärmas, chairman of Enefit’s management board.

During the three-month period, the company spent about EUR 40 million on new assets and plans to invest a total of EUR 1.5 billion in the coming years as it aims to quadruple its current production capacity to some 1.9 GW by 2026.

“To grow production of renewable energy, and together with it our financial results and dividends in the future, we plan to make investment decisions for the construction of new wind and solar parks in the amount of 358 MW before the end of this year,” the chairman added.

(EUR 1 = USD 1.019)

Choose your newsletter by Renewables Now. Join for free!