Enefit Green

Earnings Release • Feb 13, 2025

Enefit Green production data – January 2025

Enefit Green produced 247.0 GWh of electricity in January, which is 30% more
than a year ago. As the wind speeds measured in Estonian and Lithuanian wind
farms were lower in January than last year, the increase in production was
driven by the Sopi-Tootsi wind farm, which reached full capacity during last
quarter.

The volume of wind energy production in January was 235.1 GWh, a third more than
a year ago. The output of the Sopi-Tootsi wind farm in January was 69.0 GWh. At
the end of January, the Kelme I wind farm in Lithuania also achieved the first
significant production output (5.8 GWh).

The average wind speed in January was 7.0 m/s across the portfolio (7.5 m/s last
year), which impacted the output of wind farms by about +10 GWh compared to
expectations. As a significant number of new more powerful wind turbines were
added to the production portfolio last year, we are publishing the installed-
capacity-weighted average wind speeds going forward.

Production curtailments due to excessively low electricity prices on the Finnish
market had -12 GWh negative impact on the production volume. 13 GWh worth of
system services, which provide the company with some additional revenue stream,
were offered to the Lithuanian and Estonian TSOs. Availability impact in January
was about -4 GWh, which was mainly caused by turbine blade icing incidents.

Until end of February 2025, the annual comparison of energy production in
cogeneration segment is impacted by the sale of biomass-based cogeneration
assets, which was finalized in Q1 2024. In January, the electricity production
of the Iru cogeneration plant, which remains the only production unit in the
segment, was 10.4 GWh (+19.4%) and the production of thermal energy was 36.2 GWh
(-3.6%). Plant's availability was 88.6% in January due to two stoppages with a
total duration of about 3.5 days, both of which were related to damages of the
boiler grate. The damages were caused by metal waste content in mixed municipal
waste used as fuel for the plant. The increase in electricity production by
almost a fifth despite the stoppages was due to the low reference base last
year.

The volume of solar energy production was 1.2 GWh in January, which is almost a
third higher than last year supported by added capacity during the year.
Characteristically for the season, it accounted for just about 0.5% of Enefit
Green's electricity production in January.

"January's production results were satisfactory. We are concerned about the
current oversupply of wind energy on the Finnish market, where we often have to
curtail production due to excessively low prices. However, we believe that this
problem is of a relatively short-term nature as consumers will find ways to make
better use of very affordable power.

At the same time, we are happy about the launch of the Kelme I wind farm by our
development team. Following the completion of this and a couple of Latvian solar
farms, the Kelme II wind farm in Lithuania will remain our only significant
asset under construction this year. Thus, our efforts will now be focused on the
high quality and profitable operation of all newly added and older assets and on
increasing digitization so that we are able to provide system services with even
larger asset base.

Speaking of profitability, the average electricity prices in our home markets
remained on an upward trend in January. In the light of good production results
this is beneficial for us. Wind discount in Estonia was about 13%, i.e. at the
level of the Q1 2024, and in Lithuania about 18%, or only slightly higher than
last year. Finnish wind discount continues high in the 45-50% range," commented
Innar Kaasik, Member of the Management Board and Head of Production at Enefit
Green.

                                      January 2025 January 2024 Change, %

Electricity production by countries, GWh

Estonia 144.0 86.9 65.7%

Lithuania 90.0 90.8 -0.9%

Latvia 0.0 1.1 -100.0%

Poland 0.7 0.7 2.3%

Finland 12.3 10.1 22.2%

Total 247.0 189.5 30.3%

Electricity production by segment, GWh

Wind 235.1 177.5 32.5%

incl. new wind farms 128.2 57.9 121.5%

Cogeneration 10.4 11.0 -5.7%

incl. assets sold 0.0 2.3 -100.0%

Solar 1.2 0.9 29.5%

incl. new solar farms 0.8 0.6 34.4%

Other 0.2 0.1 143.2%

Total 247.0 189.5 30.3%

Heat energy, GWh 36.2 49.7 -27.3%

incl. assets sold 0.0 12.2 -100.0%

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