Elering earned 37.8 million euros of operating profit in 2016

According to the audited annual report 2016 Elering earned 37.8 million euros of operating profit. Aside from the extraordinary income in 2015 (contractual penalty from the builder of the emergency power plants and extraordinary profit from acquisition of the gas transmission network) the operating profit in 2016 was higher than in 2015.

According to Taavi Veskimägi, Chairman of the Management Board, the reliability in the transmission network grew significantly in 2016. „Reliability indicators for the EstLink 1 and 2 connections between Estonia and Finland were record high 98 and 96 per cent. Internal outages fell two times compared to the average of last five years and consumers were left without electricity only in the extent of annual electricity consumption of a few private households,“ he said.

Elering’s revenue amounted up to 135.9 million euros in 2016: 126.0 million euros from electricity and 9.9 million euros from gas. Compared to 2015, the revenue increased by 3.8 percent.

The operational, labour, and financial costs were approximately the same as the year before, but the biggest item of expenditure – goods, raw materials, and services – increased by around six million euros amounting to 46.7 million, mainly in relation to the growth in the volume of purchased balance energy.

Thereat operating profit of 37.8 million euros Elering earned 18.7 million euros net profit.

At the turn of the year, the volume of the company’s assets amounted to 903.7 million, equity capital to 349.1 million, and the volume of loan commitment was 367.4 million euros.

Elering is an independent electricity and gas system operator, whose main duty is to guarantee high-quality electricity supply to Estonian consumers at all times. To do that, the company operates, maintains, and develops the national and cross-border energy infrastructures. With its activities, Elering ensures the conditions for the functioning of the energy market and development of the economy.

More information on Elering’s financial performance of 2016 is available here.