Enefit Green group net profit increased by 270% in the third quarter of 2021, compared with the same period last year.
Net profit stood at €15.3m in Q3 2021, up from €4.1m last year.
The most significant contribution came from high market prices of electricity, but additional positive impact was realised from reduced depreciation expenses and lower interest expenses, the Estonian energy company said.
It also reported a 66% increase in EBITDA compared with last year’s results, earning €25.5m in Q3 2021 driven mostly by the elevated Estonian electricity prices.
Group fixed expenses also increased by 4% or €0.3m on the back of Enerfit’s expanded development team.
Based on total revenues and EBITDA for the reporting period, Enerfit’s largest segment was wind energy, with 66% of total revenues and 73% of EBITDA having been accumulated within this division.
The energy company’s cogeneration segment contributed 30% to total revenues and 28% to EBITDA.
Wind and the cogeneration delivered the strongest EBITDA growth as they benefited the most from higher electricity prices, which contributed €9.5m to total revenue, the company said.
Enerfit’s smallest reportable segment was solar energy, which accounted for 4% of it’s total revenues and 3% of the it’s EBITDA.
Total revenues for the company also increased by 32% year on year to €36.4m.
Enerfit’s electricity production at the end of this third quarter was 250GW, increasing slightly by 1.4% in contrast to the same recorded period in 2020.
The most important revenue driver was the surge in the electricity price in the Estonia price area of the Nord Pool power exchange, which increased the company’s revenue by around €9.5m.
Heat generation increased by 102% y-o-y mainly because of the additional heat sales from Enefit Green´s Iru waste-to-energy facility.
The most significant contributor to other operating income was renewable energy and efficient cogeneration support received by the Iru WTE facility, which increased by €0.7m compared to last year’s results.
The rise was attributable to a contract amendment that took effect in February 2021, enabling the plant to produce heat in efficient cogeneration regime and thus to receive relevant support all the year round.
Enerfit Green management board chairman Aavo Karmas (pictured, left) said: “The financial results of Enefit Green in the latest quarter were outstanding.
“The results were driven by solid electricity and heat generation volumes and considerable increase in power prices.
“Quarterly average Nord Pool electricity price in the Baltic region reached almost €100/MWh, which is approximately 2.6 times higher than in Q3 2020.
“We have set ourselves a target to increase our installed capacity in electricity production by 2.3 times to 1.1GW by 2025.
“To achieve this target, Enefit Green expects to invest around €600m in 2021-23.
“We raised nearly €100m via the recent IPO and signed new loan agreements with SEB and OP banks worth €130m to finance these investments.”