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's activity report 2022

Enefit Power AS is one of the most important energy companies and promoters of circular economy in Estonia and the Baltic region. Enefit Power AS is a 100% owned subsidiary of Eesti Energia AS, whose main activities are the production and sale of electricity, heat energy and liquid fuels. The company drives the development of the circular economy

in Estonia, producing electricity from wood waste and flare gas generated as a by-product of liquid fuels in addition to oil shale. Limestone and oil shale ash generated as by-products of energy production are treated as useful raw materials and technologies are being developed for the production of suitable liquid fuels from waste plastic and old tires. The company is developing a chemical industry concept, moving towards climate-neutral production.

The financial year of Enefit Power AS is the calendar year, i.e. the period from January 1 to December 31.

The composition of the Supervisory Board in 2022: Hando Sutter (Chairman), Raine Pajo, Andri Avila.

During the reporting period, the Management Board worked in a four-member composition: Chairman of the Management Board Andres Vainola and three members of the Management Board - Arles Taal responsible for energy conversion, Pavel Onuchak responsible for primary energy and Meelis Goldberg responsible for asset management.

Enefit Power consists of primary energy units (Narva quarry, Estonia mine, logistics) and conversion units (power plants, liquid fuel factories Enefit 140, Enefit 280). Miners, logisticians, energy specialists and chemists in Enefit Power contribute to common goals, which are to make energy production cleaner and to increase competitiveness.

According to the owner's expectations updated in August 2022, Eesti Energia and Enefit Power will ensure domestic controllable electricity production capacity of at least 1000 MW regardless of the water level in the Narva River and reservoir until the end of 2026, except for the period necessary for regular maintenance and repairs or for the elimination of accidents. At the same time, it maintains cold reserve capacities of at least 900 MW from November 1 to February 28 and at least 600 MW from March 1 to October 31. The need for oil shale to extend the 1000

MW production capacity will increase until 2027. The availability of production capacity resulting from the described owner's expectation has been agreed with the electricity system operator Elering and signed in September 2022. According to the owner's expectation updated in August, the development of the chemical industry has been brought into focus, which is in line with the climate policy of the European Union and Estonia and is important for the preservation of jobs in Ida-

Virumaa. In accordance with the updated owner's expectation, Enefit Power is developing a concept of a circular economy-based chemical industry, valorizing oil shale in the best possible way.

Enefit Power AS holds four certificates - ISO 9001:2015 quality management system certificate, ISO 14001:2015 environmental management system certificate, ISO 45001:2018 occupational health and safety management system certificate and ISO 55001:2015 asset management system certificate. An auditing system (EMAS) has been implemented in the company.

The mentioned certificates confirm that the company has successfully implemented the requirements of the international management standard in processes where the quality of products and the safety of employees are guaranteed by both quality and occupational health and safety management systems. The existence of the ISO 14001 certificate confirms that the company is a reliable and environmentally friendly partner and helps to reduce insurance costs. The ISO 55001 certificate confirms that in the field of asset management, the company strives to maximize the value of assets at optimal costs in all stages of their life cycle in the process of achieving the goals set for the company.

The company's chemical laboratory is accredited according to the requirements of the international laboratory quality system ISO 17025:2006.

On February 24, 2022, Russia launched a full-scale aggression against the state and people of Ukraine. This in turn triggered an energy crisis throughout Europe, which had so far largely depended on cheap Russian import gas. The perfect storm was fueled by the end of Russian electricity exports to Finland and the Baltic states. As a result, more than 2000 megawatts of production capacity disappeared from the market, or more than

the power generation capacity of the Olkiluoto 3 nuclear power plant. The past year has shown that Enefit Power plays an important role in ensuring electricity supply security in an energy crisis.

During the reporting period, the results of Enefit Power were influenced by amendments to the Estonian Electricity Market Act, which came into force in the second half of the year and introduced a universal electricity service in Estonia. The law established the principles for coordinating the production price of electricity purchased within the framework of the universal service and the Competition Authority was designated as the coordinator.