Eesti Energia has reported a 52% increase in net profit to just over €50m in the second quarter of 2023, compared with the same period in 2022.
Normalised EBITDA, in second quarter was €115.7m, a 45% increase compared with the same period last year.
Eesti Energia’s sales revenue reached €416m, of which 63% was earned outside Estonia and increased nearly twofold compared to the same period last year, to €181m.
“For several quarters in a row, our investments have been primarily focused on growing the Group’s share of renewable energy,’ said Eesti Energia chief financial officer Marlen Tamm.
She added: “This is the only way we can guarantee our customers affordable and eco-friendly electricity.
“The low electricity prices of second quarter were clearly related to renewable electricity production, and in order to increase it, we invested €74m (over 86%) in renewable energy development projects through Enefit Green.”
Due to low market prices the group’s electricity production decreased by 50% in second quarter to 706GWh.
As a result, the share of renewable energy in the group’s total electricity production increased to 46%.