Estonian renewable energy developer Enefit Green AS reported a decline in operating income and earnings for the second quarter of 2024 due to reduced electricity prices and below-expected wind speeds. Operating income for the three months ended June 30, 2024, was EUR 38.3 million (USD 41.4 million), down from EUR 41.2 million in the same period of 2023. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 2% to EUR 18.9 million.
Despite the decrease in operating income, Enefit Green's net profit more than tripled to EUR 3.9 million, compared to EUR 1.1 million in the second quarter of 2023. This substantial increase in net profit was largely attributed to a EUR 4.1 million reduction in income tax expense during the reporting period.
The company experienced a rise in overall power production, which increased to 358 GWh from 265 GWh year-on-year. This growth occurred despite negative impacts from the divestiture of certain assets, including the district heating businesses in Estonia and Latvia, which affected electricity and heat energy production.
