Enefit Green production data – December and Q4 2024

Enefit Green AS Registered Shs

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Enefit Green produced 261.1 GWh of electricity in December 2024, which is 92% more than in the same period last year. During Q4 as a whole, electricity production reached 687.4 GWh, exceeding last year’s result by two thirds and the forecast published in the Q3 interim report by 6.5%. During 2024 as a whole, Enefit Green produced 1.88 TWh of electricity, which is 40% more than in 2023.

During 2024, Enefit Green's team focused on achieving stable operation of wind and solar farms that have been under construction. In H1 2024, availability was stabilised at the new Šilale II and Akmene wind farms in Lithuania and the Tolpanvaara wind farm in Finland. In the fourth quarter, the Sopi-Tootsi wind farm and the Sopi solar farm in Estonia started producing electricity. The share of new wind and solar farms in Enefit Green's Q4 production reached 53%. In Q1 2025, works continue on launching full scale production at Kelme I wind farm as well as construction of the Kelme II wind farm (both in Lithuania).

Both in December and Q4 as a whole, relatively good wind conditions prevailed in Estonia, Lithuania and Finland (quarterly average wind speeds of 7.1, 7.3 and 8.5 m/s). The impact of wind conditions on the production result in Q4 was +55.4 GWh.

Availability of operating wind farms in Q4 was 95.4%, which had a modest impact on the quarterly production result (-4 GWh).

Production curtailments and grid restrictions reduced Q4 production volumes by -76.1 GWh, of which 59.3 GWh was due to low electricity prices. Curtailments were strongest at Tolpanvaara wind farm in Finland, where production was limited for 609 hours due to very low and negative prices, 32.4 GWh was left unproduced.

The y-o-y decrease in electricity and heat energy production volumes in cogeneration segment was driven by the exit from biomass-related assets a year ago. The availability of the Iru CHP was 88.9% in Q4. There were seven production stoppages with a total duration of ca 245 hours. The interruptions were mostly related to the steam boiler of the waste incineration unit, and the longest downtime was due to damage to the boiler combustion grate caused by metal objects among mixed municipal waste used as a fuel at the power station.

"Compared to a year ago, we have successfully put into operation more production capacities, which have significantly increased production volume and are much better than before helping to meet our long-term electricity sales obligations. As a wind energy focused power producer, we ended the year with a strong result. The start of full-scale production of the 255 MW Sopi-Tootsi wind farm made a significant contribution to this. As a positive sign, we also noted that the market average wind discount was relatively modest in December: -16% in Estonia and -19% in Lithuania. This means that wind energy was sold at best price in the last four months relative to the market average electricity price. Although it is too early to draw far-reaching conclusions, such stabilization is certainly very welcome given the rapid growth of wind energy supply.

Enefit Green's digitalised solutions have enabled us to adjust production flexibly during 2024, especially in Q4, avoiding overproduction and unprofitable energy sales during periods of extremely low electricity prices. These solutions also enable us to provide system services to Estonian and Lithuanian transmission system operators, ensuring the stability of the electricity network while also earning additional income for the company," commented Innar Kaasik, Member of the Management Board and Head of Production at Enefit Green.

Further information:
Sven Kunsing
Head of Finance Communication
investor@enefitgreen.ee
https://enefitgreen.ee/en/investorile/