Enefit Green

Earnings Release • Dec 12, 2024

Enefit Green production data – November 2024

Enefit Green produced 226.2 GWh of electricity in November, or 109% more than in
November 2023. The production result was mainly driven by new wind and solar
farms in Estonia, Lithuania, Finland, and Poland (both by those commissioned
last year and by those still under construction) the production of which
accounted for over half of Enefit Green's total electricity production. The
monthly production result corresponded to the revised Q4 production forecast
published in the September production notice, despite capacity downregulations
(mainly during hours with low electricity prices). Good wind conditions and the
launch of the Sopi-Tootsi wind contributed positively to the production.

The volume of wind energy production in November was 213 GWh, which is 132% more
than a year ago.

The average wind speed in November was 7.4 m/s across the portfolio, +0.4 m/s
higher than expected. Finnish wind conditions were particularly good: +1.1 m/s
better than expected average wind speed was measured in Tolpanvaara wind farm
(8.6 m/s). Estonian (7.3 m/s) and Lithuanian (7.4 m/s) wind conditions were also
better than expected. Good wind conditions affected the output of wind farms by
+30.3 GWh compared to the expectations.

Downregulation of production capacity (mainly during hours of negative and/or
very low market prices and due to various network constraints) had a significant
impact on production results, reducing output by 29.0 GWh. The production result
was also somewhat affected by the higher than usual volume of faults, mainly in
WinWind wind farms, downtime due to icing of blades in the new Shilale II wind
farm in Lithuania, and works in Tolpanvaara wind farm to improve the anti-icing
system of the blades. Availability effects on the production were -6.2 GWh.

The year-over-year comparison of energy production in the cogeneration segment
as a whole continues to be influenced (until the beginning of next year) by sale
of biomass-based cogeneration assets in the fourth quarter of last year and in
the first quarter of this year. In November, the electricity production of the
Iru power plant (which remains the sole production unit in the segment), was
11.6 GWh (-3.2%) and the production of thermal energy was 36.6 GWh (-3.8%).

Solar energy production in November reached 1.5 GWh growing by almost a half
year-over-year, but characteristically for the season, only accounted less than
1% of Enefit Green's electricity production in November.

"November was once again a month with record production, surpassing the record
achieved in October by more than 26 GWh. In two months, we are staying well on
track for our fourth-quarter production forecast. At the same time, November
stood out with an exceptionally large amount of down regulations due to low
electricity prices, for which very good wind conditions were certainly one of
the factors. The Sopi-Tootsi wind farm has now become fully operational and
contributes significantly to the results. Good wind conditions also caused good
demand for system services in November, which had the effect of reducing the
production result by almost 4.8 GWh in Estonia and Lithuania, but at the same
time it provided additional income for the company.
Compared to the previous month, average monthly electricity prices were somewhat
lower in Estonia and Lithuania, and slightly higher in Finland. Wind energy
discounts on our markets continue to be high, with a slight easing in Finland in
November compared to previous months," commented Innar Kaasik, Member of the
Management Board and Head of Production at Enefit Green.

                                      November 2024 November 2023 Change, %

Electricity production by countries, GWh

Estonia 137.4 49.1 179.9%

Lithuania 72.6 52.0 39.6%

Latvia - 3.0 -100.0%

Poland 0.9 0.7 36.7%

Finland 15.3 3.7 310.8%

Total 226.2 108.5 108.5%

Electricity production by segment, GWh

Wind 213.0 91.7 132.2%

incl. new wind farms 117.3 27.6 325.5%

Cogeneration 11.6 15.6 -26.0%

incl. assets sold - 3.7 -100.0%

Solar 1.5 1.0 49.1%

incl. new solar farms 0.8 0.4 89.3%

Other 0.1 0.1 2.9%

Total 226.2 108.5 108.5%

Heat energy, GWh 36.6 57.7 -36.7%

incl. assets sold - 19.7 -100.0%

Further information:
Sven Kunsing
Head of Finance Communications
[email protected]

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Enefit Green is one of the leading renewable energy producers in the Baltic Sea
area. The Company operates wind farms in Estonia, Lithuania and Finland, waste-
to-energy CHP plant in Estonia, solar farms in Estonia and Poland and a
hydroelectric plant in Estonia. In addition, the Company is developing several
wind and solar farms in the mentioned countries and Latvia. As of the end of Q2
2024, the Company had a total installed electricity production capacity of 587
MW and a total installed heat production capacity of 50 MW. During 2023, the
Company produced 1,343 GWh of electricity, 604 GWh of heat energy and 156
thousand tonnes of wood pellets. In the end of 2023, Enefit Green exited the
biomass based CHP and pellet production businesses.