2015 financial year one of the best in history for Elering

Last year was one of the most successful for Elering in history in terms of financial and other operating results.

According to the audited report for Elering`s 2015 financial year, the company`s operating profit totalled 41.6 million euros with revenues amounting to 132.4 million euros. Elering`s net profit was 25.1 million euros.

Revenues were affected by the addition of gas transmission service revenues and changing the accounting priciples of electricity energy cross-border capacity auction revenue. Profit was impacted by income tax on dividends that was paid out last year.

Reliability indicators of Elering-managed electricty transmission network were on the highest level of all times, said Taavi Veskimägi, the Chairman of the Elering Board. „Amount of energy not served was only 10 megawatt-hours during last year that is approximately the annual energy consumption volume of one household compared to more than eight transmitted terawatt-hours energy to cover the Estonia`s energy consumption. There were only 133 outages in electricity grid during last year that also was the lowest indicator in history,“ explained Veskimägi.

Elering collected 28.6 million euros of cross-border capacity auction revenue during the year. „Among other things, also self-financing part of constructing the new Harku-Lihula-Sindi high-voltage line is financed from auction revenues by Elering, so that Estonian consumers do not have to contribute to this project through transmission fee,“ said Veskimägi.

Assets totalled 861.9 million euros at the turn of the year, with equity of 329.4 million euros and 379.2 million euros in loans. The company invested 93.1 million euros, of which more than half was spent on the acquisition of gas transmission network.

Elering`s business results enable the company to pay dividends to the state in the amount of 31 million euros this year compared to 20 million euros in 2015.

The report for Elering`s financial year of 2015 can be seen here.