Enefit Green produced 200.1 GWh of electricity in October, or 19.0% more than in October 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 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 slightly weaker wind conditions and capacity downregulations (mainly during hours with very low electricity prices). The gradual launch of the Sopi-Tootsi wind farm and the good availability of other wind farms had a positive impact on production.
The volume of wind energy production in October was 185.2 GWh, which is 21.3% more than a year ago.
The average wind speed in October was 6.7 m/s across the portfolio, which was lower than expected by -0.2 m/s. The average wind speed +0.8 m/s better than expected was measured in Tolpanvaara Park in Finland. In Estonia, the wind speed was close to expected, but the wind conditions in Lithuania were significantly lower than expected as well as last year's actual results. Modest wind conditions affected the output of wind farms by -4.7 GWh compared to 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 16.5 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 October, the electricity production of the Iru power plant (remaining the sole production unit in the segment), was 10.2 GWh (+8.4%) and the production of thermal energy was 35.8 GWh (-3.4%).
Solar energy production in October reached 4.6 GWh growing by a third year-over-year, but characteristically for the season, only accounted slightly more than 2% of Enefit Green's electricity production in October.
"October marked the first time in Enefit Green's history, when monthly electricity production exceeded the significant 200 GWh limit. This is also in line with our revised production forecast, despite modest wind conditions and downregulations. We are happy to note the continuous progress in launching of the Sopi-Tootsi wind turbines and continued good availability of other wind farms.
As our financial results depend not only on our production, but also on the prices paid for it in different markets, Q3 2024 left us concerned about the large wind energy discounts in Estonia, Lithuania and Finland. In October, the discount eased slightly in Estonia, but continued to deepen in Lithuania and Finland," commented Innar Kaasik, Member of the Management Board and Head of Production at Enefit Green.
Further information:
Sven Kunsing
Head of Finance Communications
investor@enefitgreen.ee
https://enefitgreen.ee/en/investorile/
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.
