Elering’s half-year profit decreased by 4.3 million euros to 6.3 million euros
Elering earned a net profit of 6.3 million euros in the first half of 2025, compared to 10.6 million euros during the same period last year. The decline reflects, among other factors, reduced profitability in the electricity network service segment.
The financial results mirror a broader trend observed in recent years, where rising costs related to ensuring energy security have been accompanied by an overall increase in the cost of living. In this context, it becomes increasingly important to review and adjust network tariffs to maintain the long-term sustainability and reliability of supply.
“Until now, we have been able to offset the growing revenue gap using EU funding and congestion income. However, going forward, we can no longer count on these sources to the same extent,” said Kalle Kilk, Chairman of the Board at Elering. “We must ensure that our revenues are sufficient to cover the costs of essential investments and ongoing operations. Our commitment remains firm — to secure energy supply at all times as efficiently as possible. But to do so sustainably, network fees may need to be adjusted more proactively to avoid losses in electricity transmission services.”
Elering’s total revenue in the first half of the year amounted to 160.2 million euros. Nearly 60 million euros came from core electricity and gas transmission services, falling short of expectations. The majority — nearly 90 million euros — was earned from energy market-related services provided on a financially neutral basis, without profit.
Operating cash flow was negative, at -10.8 million euros, mainly due to the cost of frequency reserves — an expense not incurred last year. This year, the cost is covered using capacity allocation income, with the consent of the Competition Authority.
In the first half of 2025, Elering invested 75.5 million euros in fixed assets and received 12 million euros in targeted financing. Dividends paid for 2024 amounted to 15.7 million euros. During the six-month period, the company’s cash and cash equivalents declined from 94 million to 9 million euros.
As of 30 June 2025, Elering’s total assets stood at 1.6 billion euros. Equity amounted to 400 million euros, and liquid assets — including cash and short-term deposits — totaled 69 million euros.