The annual report of group parent company OÜ Utilitas shows that in 2024 the company earned €216 million in operating revenue — €9 million less than the previous year. At the same time, net profit rose by over 18 percent compared to 2023, reaching just under €32 million.

In 2023, Utilitas posted a profit of €27.7 million. Last year, that figure increased by more than 18 percent, climbing to around €32 million.

OÜ Utilitas paid out €6 million in dividends — €1 million more than in 2023.

Utilitas Group is 85 percent owned by the international infrastructure fund European Diversified Infrastructure Fund II, whose assets are managed by Igneo Infrastructure Partners, the direct infrastructure investment arm of First Sentier Investors Group. Igneo is in turn owned by the Japanese financial conglomerate Mitsubishi UFJ Financial Group, one of the largest holding companies in the world.

The remaining shares are held by companies owned by members of the Utilitas management team.

Increase in the share of renewable energy

The year 2024 marked the first full year of operation for Utilitas' wind farm in Saarde Municipality, Pärnu County. In addition, a new wind farm was opened in Aseri, Lääne-Viru County and construction began on the Telšiai wind farm in Lithuania.

The share of renewable energy in Utilitas' total production increased by one-third compared to 2023. Wind energy output alone grew by an impressive 49 percent year over year.

Utilitas' district heating business expands to Latvia

Last year, the Utilitas Group expanded into Latvia's district heating sector by acquiring a 100-percent stake in Utilitas Valka SIA from an independent party. The company operates a renewable energy–based district heating business in the town of Valka.

This year, Utilitas also plans to connect the district heating networks of the Estonian and Latvian twin-city of Valga and Valka. The move would allow Valga to end the use of shale oil, transitioning instead to cleaner, wood-based biomass.

Utilitas Tallinna Soojus

In 2023, the City of Tallinn signed an agreement with Utilitas that resulted in the transfer of a majority stake in district heating company Tallinna Soojus. The new company was named Utilitas Tallinna Soojus, with two-thirds owned by Utilitas and one-third by the city.

The background to the deal dates back to a 2001 agreement in which the city contracted with Utilitas' predecessor, Tallinna Küte. That agreement stipulated that after 30 years, the city would be obligated to buy back the heating infrastructure at the cost of the investments made. According to then-Mayor Mihhail Kõlvart, the total investment value could have reached €350 million. By establishing the joint venture, the city was released from that compensation obligation.

AS Utilitas Tallinna Soojus generated €157 million in revenue last year, with a net profit of €13 million.

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