Elering’s Financial Results for the Second Quarter

Elering’s revenues in the second quarter of this year were 16.1 million euros, operating profit was 620 thousand euros and net profit was -1.2 million euros.

These figures represented an improvement on the financial results for the second quarter of 2010, as company revenues were up by 1.5 million euros, while operating expenses fell by 0.1 million euros.

The company’s investments have increased significantly in comparison to the second quarter of last year due to the EstLink 2 project. A year ago, investments totalled 8.9 million euros, but in the second quarter of 2011 they reached 25 million euros.

Elering CFO Peep Soone said the results were as expected given the nature of the electricity consumption cycle and Elering’s tariff structures. “It is well known that electricity consumption is lower in the summer and as well as this, the tariff for transmission is low”, he explained.

Elering is the independent and autonomous Transmission System Operator for Estonia, whose main duty is to ensure high-quality supplies of electricity to consumers at all times. To achieve security of supply, Elering maintains and develops the national transmission grid and international connections. Elering controls the Estonian electricity system in real time, ensuring the operation of the transmission network, and the balance between production and consumption.

For more about Elering’s financial results for the second quarter, see here.