Elering earns net profits of 17 million euros in 2017

Alongside the 7.6 per cent fall in the electricity transmission service tariff since July last year, Elering achieved net profits of 17 million euros and operating profits of 33.1 million euros during the 2017 financial year.

Elering’s sales revenues last year totalled 130.3 million euros. Regulated energy network services provided 88.7 million euros in profit, regulated gas network service 8.8 million euros, balance services 27.2 million euros, and other activities 7.3 million euros.

“The 2017 financial year was good for Elering. We kept the lights on for our clients, EstLink 2 was out of service due to technical problems for only one hour during the year, and the reliability of the national grid was high. We also earned a solid profit for our owner for the state budget revenues,” said Elering CEO Taavi Veskimägi. EstlLink 2 was out of service due to technical reasons for only one hour out of a total of 8760 hours during the year. There were a total of 117 outages last year on the national grid. In the previous decade, the average has been 193 outages per year. Only 44 megawatt-hours were undelivered to clients due to technical problems, compared with an average of up to 150 megawatt-hours over the last ten years.

Elering invested a total of 32.2 million euros during the year. In the near future, significant increases in the volume of investments is expected in connection with the implementation of major new projects, including the Estonia-Finland Balticconnector gas interconnection and the construction of the new Estonia-Latvia electricity interconnection.

At the turn of the year, Elering’s assets totalled 909.6 million euros, equity was 346.2 million euros, and liabilities totalled 362.3 million euros.

Elering’s 2017 financial results can be found here.

Elering is an independent electricity and gas transmission system operator with the primary task of ensuring a high-quality energy supply to Estonian consumers. To this end, the company manages, administers, and develops the domestic and cross-border energy infrastructure. Through its activities, Elering ensures conditions for the functioning of the energy market and for economic development.