Enefit Green

Earnings Release • Sep 12, 2024

Enefit Green production data – August 2024

Enefit Green produced 106.7 GWh of electricity in August, or 29.1% more than in
August 2023. The production result was mainly driven by new wind and solar farms
in Lithuania, Finland, Poland and Estonia (both by those commissioned last year
and by those still under construction) the production of which accounted for
nearly 40% of Enefit Green's total electricity production.

The average wind speed in August was 5.5 m/s across the portfolio, which
exceeded the expected level by +0.2 m/s. The average measured wind speed in
Tolpanvaara wind farm (Finland) was +0.5 m/s better than expected. Better wind
conditions affected the production of wind farms by +6.8 GWh compared to the
expectation.

Production curtailments during hours with negative market prices with the aim of
improving the financial performance of the wind energy segment had a significant
impact on the August production results. Curtailments limited production by 10
GWh. Timewise production was curtailed during 152, 32 and 31 hours in Finland,
Estonia and Lithuania, respectively.

The energy production at Iru power plant was influenced by longer than expected
duration of the planned maintenance stop, which was primarily due to the
increased volume of restoration of the masonry of the boiler. 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.

Solar farms in Estonia and Poland produced nearly 0.7 GWh above the expected
level, which was due to high availability and favourable weather conditions.
Solar energy production increased by 26.5% compared to August 2023 and accounted
for about a tenth of Enefit Green's monthly electricity production.

"The overall availability of wind farms was at a very good level in August at
94.6%, which is 1.1 percentage point more than planned. The availability of
Lithuanian operating wind farms was 96.4% or 13.3 percentage points higher than
in August last year. For the first time, we achieved a 96.9% availability at
Tolpanvaara wind farm. The availability of Lithuanian wind farms under
construction remained low at 91.6%, mainly due to the warranty-covered blade
damage of one wind turbine at Akmene wind farm, which took almost 3 weeks to
repair," commented Innar Kaasik, Member of the Management Board and Head of
Production at Enefit Green.

August 2024 August 2023 Change, %

Electricity production by countries, GWh

Estonia 51.7 47.5 8.8%

Lithuania 37.5 28.4 32.0%

Latvia 0.0 3.1 -100.0%

Poland 4.5 3.4 33.7%

Finland 13.0 0.2 5 504.7%

Total 106.7 82.6 29.1%

Electricity production by segment, GWh

Wind 84.4 59.0 43.0%

incl. new wind farms 35.6 11.7 204.7%

Cogeneration 11.5 15.1 -24.0%

incl. assets sold 0.0 3.2 -100.0%

Solar 10.7 8.5 26.5%

incl. new solar farms 6.7 5.0 34.1%

Other 0.1 0.1 102.4%

Total 106.7 82.6 29.1%

Heat energy, GWh 35.7 48.4 -26.1%

incl. assets sold 0.0 11.0 -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 and Lithuania, 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, Latvia and Finland. 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.