Elering Q2 Financial Results

In the 2nd quarter of this year, Elering had an operating income of 23 million euros, an operating profit of 4.2 million euros, and a net profit of 3.1 million euros.

According to Peep Soone, Elering’s Financial Manager, the second quarter met expectations.

Compared to the same quarter of last year, income grew by 3.7 million euros, while operating costs grew by 1.6 million. The result was an increase in operating profits of 2.1 million euros. The main reason for the rise in operating costs was the increased expenditure on balancing energy, due to the opening of the electricity market. Financial costs fell by 0.4 million euros, leading to a total increase in net profits of 2.5 million euros.

Operating cash flow came to 19.6 million euros, which is 10.5 million more than the same period a year ago, with the growth primarily coming from changes in working capital. 28.7 million euros was invested into fixed assets, which is 10.2 million more than a year ago. This means that overall investments into fixed assets exceeded operating cash flow by 9.1 million euros.

Elering is Estonia’s independent and standalone transmission system operator, whose main task is to ensure that Estonia’s consumers enjoy a consistent, high-quality electricity supply. To ensure security of supply, Elering maintains and develops the domestic transmission network and external interconnections. Elering manages Estonia’s electricity system in real time, ensuring the functioning of the transmission network and the balance between output and consumption.

Elering’s full Q2 financial results are available here.