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Estonia: Nelja Energia Q3 profit grows to nearly EUR 1.5 mln

Estonian news - eteap October 30, 2018

Baltic News Service. 30th of October, 2018

The profit of Estonian renewable energy company Nelja Energia grew to 1.5 million euros in the third quarter of 2018, which exceeds the profit for the third quarter of last year by 52 percent.

The total profit for the first nine months of the year, however, was smaller than last year.

Nelja Energy, which is planning to merge with Eesti Energia, saw its net profit amount to 1.5 million euros in the third quarter whereas the same quarter in 2017 saw a profit of 956,000 euros, Nelja Energia told the stock exchange.

The total profit in the first nine months of the year amounted to roughly 4.9 million euros whereas last year, the profit for three quarters was approximately 6.4 million. The decrease in profit is due to a drop in the sales of wind energy by 2.4 million euros in the first quarter, the company’s board said.

The first nine months of 2018 produced Nelja Energia 36.13 million euros in revenue for electricity related services, a year ago the same period saw a revenue of 38.85 million. Turnover in the third quarter increased in year-on-year comparison from 11.41 million to 11.61 million euros.

The company pointed out that prices of electricity in Estonia were higher this year compared to 2017, in the third quarter the price of electricity produced by Estonia’s wind farms was 46.33 euros per megawatt-hour which exceeds that of the third quarter last year by 44 percent.

Higher electricity prices have partially made up for the loss of profit due to shortage of wind in the first two quarters. In February, particularly, the effect of anticyclone was keenly felt in and decreased the production of wind energy in the first quarter.

The total volume of wind energy generated in the third quarter was 143.1 gigawatt-hours which dropped by 3.3 percent compared to the third quarter of 2017. While Estonia saw stronger winds, in Lithuania, this year’s winds were weaker compared to those of last year. In Estonia, southerly and south-westerly winds dominated whereas in Lithuania, westerly winds were predominant. Nelja Energia‘s largest production units, including the gigantic Silute wind farm are situated in Lithuania.

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