Elering Releases Q1 Financial Results

In the first quarter of 2016, Elering recorded revenues of 45,6 million euros with an operating profit 20,7 and net profit of 17,8 million euros.

Revenues increased by 6,4 million euros compared to the first quarter in 2015. The reason for the increase lies in the growth of balancing services volumes, greater electricity transmission volumes as a result of colder winter as well as in the increased revenues of the compensation mechanism between EU transmission system operators. Operating costs increased by 3,5 million euros mainly due to larger amount of bought balancing energy but also due to increased grid losses caused by growth in electricity transmission. Financial costs remained at the same level compared to the previous year resulting in increase of net profit by 2,8 million euros.

Operating cash flow brought in 29,1 million euros. 4,2 million euros was invested in fixed assets and 3,0 million euros was received from cross-border transmission capacity auctions. Thus, the total net cash flow from investments was -1,2 million euros. There were no cash flows related to financing in the first quarter.

Assets totalled 884,0 million euros by the end of the quarter and equity totalled 347,2 million euros.

Elering is an independent electricity and gas transmission system operator with main task to ensure high-quality energy supply to Estonian consumers. For that Elering manages, maintains and develops the internal and cross border energy infrastructure. Elering ensures conditions for efficient energy market operations and economic development.

Elering’s Q1 financial results are available here.