Lower power prices, wind speed affect Enefit’s Q2 2024 results

Wind turbines. Image by: Enefit Green.

Estonian renewables developer Enefit Green AS (TAL:EGR1T) on Thursday announced that it has registered a decrease in operating income and earnings during the second quarter of 2024 as a result of lower electricity prices and lower than expected wind speeds.

Enefit’s operating income came in at EUR 38.3 million (USD 41.4m) in the three months ended on June 30, compared to EUR 41.2 million in the same period in 2023. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were down 2% to EUR 18.9 million.

At the same time, the company’s net profit more than tripled to EUR 3.9 million in the second quarter of 2024 from EUR 1.1 million a year earlier. The result was mainly driven by the income tax expense which decreased by EUR 4.1 million in the reported period.

More details about the company’s second-quarter financial performance are in the table below:

Figures in EUR million	Q2 2024	Q2 2023
Sales revenue	33.9	36.8
Renewable energy support and other income	4.4	4.4
Total operating expenses (excl. D&A)	19.3	21.9
Operating profit	9.1	9.6
Earnings per share	0.015	0.004

Despite certain asset divestitures that negatively impacted electricity and heat energy production during the reported quarter, such as the district heating business in Estonia and Latvia, overall power production rose to 358 GWh from 265 GWh.

Detailed production and sales volumes chart: