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's activity report 2022

Introduction

OÜ Utilitas Tallinn Power Plant belongs to the energy group Utilitas and is a 100% subsidiary of the holding company OÜ Utilitas. The main activity of the company is the production and sale of heat and electricity. The company owns two cogeneration plants running on biofuel and a solar power plant located at Tooma tn 14/Väomurru 1, Tallinn.

The capacities of the cogeneration plants are as follows: the thermal nominal capacity of the older cogeneration plant (built in 2009) is 68 MW and the electrical capacity is 25.2 MW, and the capacities of the newer cogeneration plant (built in 2017) are 76.5 MW and 21.4 MW respectively. The capacity of the solar power plant is 0.95 MW.

The two cogeneration plants together produce energy from local and renewable sources in an efficient cogeneration process, covering over 40%

of the annual heat demand of the Tallinn district heating network and the annual electricity demand of nearly 130,000 district-heated households, accounting for an estimated 3% of Estonia's annual electricity consumption. The annual fuel consumption of the two cogeneration plants was 1,178 GWh, of which local renewable energy accounted for 1,044 GWh. The main fuel of the plants is wood chips made from the residues of domestic forestry and wood industry.

In total, 805 GWh (2021: 778 GWh) of heat energy and 250 GWh (2021: 257 GWh) of electricity, including 1206 MWh (2021: 1091 MWh) from the solar power plant, were fed into the grid during the calendar year 2022, using 1178 GWh (2021: 1111 GWh) of primary energy for this production. The average annual reliability of electricity production of the older power plant during the same period was 99.88% (2021: 98.08%) and the reliability of the newer plant was 80.81% (2021: 99.10%). The average annual efficiency of the overall process of the older plant during the same period was 101.3% (2021: 103.5%) and of the newer plant 98.7% (2021: 100.6%). This is possible thanks to the use of the energy contained in the outgoing flue gases in the production of heat.

The produced heat energy is sold to the Tallinn district heating network and the electricity to the Nordic electricity exchange NordPool.

Together with the use of the energy contained in the flue gases, a biomass-burning cogeneration plant allows almost 100% use of the energy contained in the fuel. As the efficiency of power plants not connected to the district heating network is only 35 - 40%, the use of waste heat from electricity production for heating buildings increases energy efficiency by almost 2.5 times. Such significant fuel savings can only be achieved on a large scale with the help of district heating networks. At the same time, electricity production close to consumers reduces losses in the electricity network.

Revenues, expenses and profit

The operating income of OÜ Utilitas Tallinn Power Plant was 83.6 million euros (2021: 55.9 million euros), of which the sales revenue of heat energy accounted for 33.1 million euros (2021: 24.1 million euros), electricity 49.9 million euros (2021: 31.7 million euros), the sale of greenhouse gas emission units 2.2 million euros (2021: 1.2 million euros) and the sale of renewable energy origin certificates 0.6 million euros (2021: 0.1 million euros).

The sale of emission units does not affect the company's future operations, as the use of emission units continues to be less than the allocation of emission units.

The company's operating profit was 28.9 million euros (2021: 26.1 million euros) and net profit 25.7 million euros (2021: 20.6 million euros).

The most significant impact on the company's operations was the rapid increase in energy prices and the prices of production inputs. If in 2021

the average annual price of the NordPool electricity exchange Estonian price area was 86.73 €/MWh, in 2022 it was 192.82 €/MWh. The price of wood chips tripled over the year. To hedge the supply risks of wood chips, the stock of woody fuels was increased and a reserve fuel was used. As a result, the availability of fuels and the continuity of heat production were ensured. The share of peat in the use of primary energy in 2022 was 3%, which increased greenhouse gas emissions compared to previous years.

The failure of the generator of the newer cogeneration plant, which started on 29.10.2022 and lasted until 10.03.2023, had a negative impact on the company's operations. Due to the technical capabilities of the plant, heat production continued during the repair of the failure.

Main financial ratios 2022 2021

Liquidity ratio 2.5 3.7

ROA 19.2% 14.7%

Debt ratio 38.7% 53.5%