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's activity report 2022

Elektrum Eesti OÜ is one of the leading retail electricity sellers in Estonia, operating in all customer segments. The company is part of the Latvenergo group, which is one of the leading energy suppliers and green energy producers in the Baltics. The group's companies serve a total of 744,000 customers in the Baltics and 60% of the group's energy production comes from renewable sources.

The aim of Elektrum is to provide society with growth energy. Our task is to take care of our customers' current needs, while considering the impact on future generations. We promote the development of the energy industry by offering friendly, innovative and sustainable solutions.

The company's product range mainly consists of retail electricity sales to home customers and business consumers, supplemented by gas energy, solar energy, heating and electric car charging solutions.

According to Nord Pool electricity exchange data, the average exchange price in the Estonian region in 2022 was 192.82 euros per megawatt-hour (an increase of 122%) and in August the price reached a record 361.75 euros per megawatt-hour (max 4000 euros in one hour). In 2021, the average price in the region was 86.73 euros per megawatt-hour.

In 2022, electricity consumption in Estonia decreased by 5.8% compared to the previous year, consumption volume decreased from 8.9 terawatt-hours to 8.4 terawatt-hours. The decrease in consumption volume was mainly due to the sharply increased energy costs for companies and home consumers. 24.

The full-scale war in Ukraine started by the Russian Federation on February 24 and the subsequent lack of gas supply security, which caused a rapid increase in gas prices, affected electricity production prices in Europe, the Nordic countries and the Baltic states throughout 2022. The Council of the European Union agreed on temporary measures to curb excessive gas prices. Market correction measures will be implemented from February 15, 2023 for one year, setting a price limit of over 180 euros/MWh if the price difference with the LNG benchmark price exceeds 35 euros/MWh on the world market. In addition, high CO2 prices persisted throughout the year (84.4 euros per tonne as of the end of December), which increase the price of electricity produced from all fossil energy sources. In December, the European Union also agreed on the main reforms of the emissions trading market: industrial and electricity producers must reduce emissions by 62% by 2030; free emission allowances for industry will be gradually replaced by a carbon border adjustment mechanism (CBAM) with a carbon tax.

In Estonia, a price cap was imposed on electricity bills for the period January 2022 - March 2022, the part exceeding which was automatically compensated by the state to the private consumer. The price cap for home consumers was 12 cents/kWh (excluding VAT) for electricity consumption up to 650 kW per month.

The cost of electricity network service was compensated 100% for companies and institutions for the period January 2022 to March 2022. From October 2021 to March 2022, 50% of the electricity network fee was compensated for all electricity consumers. All families with up to average income were also compensated for the increase in gas and heating bills for the period September 2021 to April 2022. The electricity excise tax is 1.0 cent/kWh, instead of the previous 4.47 cents/kWh.

As an additional state measure, a universal service for home consumers and apartment associations was launched in October 2022 (valid until April 30, 2026), which would help consumers hedge risks and alleviate potential electricity price increases. In November, it expanded