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25.02 2016

Enefit Closed 2015 with a Return to Profitability

The independent electricity supply company Enefit received revenue of EUR 22.3 million and gained profit of EUR 0.26 million in 2015. Although company income decreased last year, the loss incurred earlier was substituted by profit. Having renewed its offer of fixed-price agreements at the beginning of last year, this year Enefit intends to increase its sales and offer products related to renewable energy resources.

‘We have reached our main goal for the last year and, as planned, closed 2015 with a positive result. Capacities of auctions of physical transmission rights (PTR) on Latvia-Estonia border were significantly increased in 2015; therefore, electricity suppliers had an opportunity to make the accurate assessment of price fluctuation risks. This allowed Enefit to offer its customers electricity at a fixed rate as of the beginning of the last year, which will have the strongest impact on the results of 2016,’ says Janis Bethers, Managing Director of Enefit.

According to Mr. Bethers, the main goal of the company this year is to increase electricity sales and introduce new energy solutions meeting customers’ needs on the market. ‘Fixed-price products and developed products linked to Exchange prices of the moment allow our customers to choose solutions that serve their needs best, and the Green Energy product will provide them with an opportunity to choose environmentally friendly energy,’ states Mr. Bethers.

In 2015, as compared to 2014, company’s income decreased by a third – from EUR 33.3 million to EUR 22.3 million. In the previous year, the company earned a net profit of more than EUR 260,000, whereas in 2014 it suffered a net loss of EUR 1.25 million.

Enefit supplied 470 GWh of electricity to its customers in Lithuania last year. And in 2014, the company supplied 712 GWh of electricity onto the local market. At the end of 2015, Enefit was supplying electricity to more than 3,100 locations. Customers of the company included such undertakings as Neo Group, Statoil Fuel & Retail Lietuva, Thermo Fisher Scientific Baltics, Žemaitijos pienas, etc.

The parent company Eesti Energia, which owns Enefit company operating in Lithuania, announced today the revenue of EUR 777 million for 2015. In 2015, the net profit of the company amounted to approximately EUR 40 million. Within the past year, Eesti Energia produced 7.689 TWh of electricity and remained the largest electricity producer in the Baltic States. The company increased the production of shale oil by 36.6 per cent to 315,000 tons. Company market share in the Baltic States increased within the last year to 26 per cent.

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