Eesti Energia posts €83 million loss due to asset depreciation
Eesti Energia earned €317 million EBITDA in 2025, but for the third consecutive year wrote down assets related to oil shale, resulting in a net loss of €83 million.
Without the write-down of oil shale assets, Eesti Energia would have posted a net profit of €112 million, the company said.
For Eesti Energia group, 2025 was a pivotal year: both the electricity market and the group's structure and business model changed, the company said. "In a changed environment, we adjusted our business model and group structure in 2025 to align with market conditions. In the new financial year, we can focus on restoring our investment capacity to ensure the necessary developments in generation capacity and the long-term security of supply of the energy system," said Eesti Energia CFO Marlen Tamm in a comment on the results.
CEO Andrus Durejko added, commenting on the financial results, that among the Baltic states, Estonia's energy shortfall — meaning the share of imported electricity — was the largest last year, reaching 40 percent of consumption. "Money spent on electricity imports could remain in the Estonian economy. If we want to reduce peak prices and dependence on foreign production, we must build new generation capacity — dispatchable plants, wind farms and storage facilities. Market-based solutions alone will not eliminate the electricity shortfall — revenue guarantees and long-term clarity are needed so that the necessary decisions can be made before the Narva oil shale power plants, which have exceeded their service life, are shut down permanently," Durejko added.
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Editor: Marcus Turovski
