Elering Second Quarter Financial Results

Elering has posted earnings of 18.9 million euros for the second quarter of this year, with operating profits of 2.1 million euros and net profit of 0.6 million euros.

According to Peep Soone, Financial Manager at Elering, the second quarter results exceeded expectations. Inland electricity transmissions increased by 2.5% from the same period of the previous year, due in large part to colder weather. Earnings rose by 2.7 million euros, with operating costs only 1.3 million euros. Finance costs decreased by 0.3 million euros and as a result, the net profit increased by 1.8 million euros.

Intensive investment into the electric power system continued, with cash flow to the investment financing of fixed assets amounting to 18.4 million euros. In comparison with the previous year, the balance of fixed assets has grown by 53 million euros to 432 million euros. "This investment will galvanize the second half of the year, with projections suggesting that investment volume will more than double from the first half of the year," remarked Soone.

Elering is an autonomous and independent Estonian power system operator with the chief initiative of consistently providing Estonian consumers with a quality supply of power. In order to ensure this goal, Elering strives to stay on top through developing external connections in addition to cultivating the national transmission network. Elering leads the Estonian power system in real time, both by supporting operations of the transmission network and by keeping production and consumption in balance.

Elering's second quarter financial results can be reviewed in more detail here.