Annual Report 2022

Through the energy crisis with the trust and support of our customers

2022 was a very challenging year for Eesti Energia. Read the 2022 annual report to find out how we managed to meet our carbon neutrality goal and the expectations of our customers and owner, in spite of the energy crisis that seized Europe.

Annual report (PDF)  

Address by Hando Sutter

On 24 February 2022 Russia launched a full-scale attack against Ukraine and its people. This led to an energy crisis across Europe. However, we managed to get through the crisis successfully by relying on the ‘journey to zero' strategy developed in 2021 and the confidence of our customers, offering them energy solutions and flexibility services of the electricity system, as well as investing in the growth of renewable energy production assets.

Hando Sutter

Chairman of the Management Board 2022

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What customers want from energy experts is a compact and simple solution for their needs. They want convenient and smart solutions that allow them to manage energy consumption or produce energy themselves. In addition, every customer wants to keep their energy costs under control. Responsibility is valued increasingly more – people prefer companies that produce energy from renewables and help customers produce renewable energy or consume energy more sustainably.

As for the electricity network service, customers expect it to work without major interruptions and to be affordable. Connecting to the network has to be quick and reasonably priced.


The sole owner, the Republic of Estonia, expects the company to be profitable and generate stable dividend income. The expected dividend is 50–100% of the net profit of the owner of the consolidated parent company, averaged over five years. In doing so, the share of electricity from renewables must also gradually increase in controlled production, which helps to maintain security of supply. The owner expects the valorisation of oil shale in accordance with climate policy and the preservation of jobs in Ida-Viru County. The reliability of the distribution network service should be improved gradually and in a way that does not put excessive financial strain on consumers. In addition, the owner expects Eesti Energia to ensure a controlled electricity production capacity of at least 1,000 MW in Estonia until the end of 2026.


Our ambition is to provide customers with beneficial and convenient energy solutions as well as to produce energy in an increasingly environmentally friendly way, thus contributing to making the world a cleaner place.

Eesti Energia's Journey in 2022

The energy trilemma, in other words finding a balance between energy affordability, environmental impact and security of supply, has become a nationally important topic in all of Eesti Energia's home markets. Eesti Energia is convinced that the fastest and most favourable solution to the energy crisis for society lies in electrification, during which renewable electricity replaces other energy sources, such as motor fuel or natural gas. We carry out electrification in cooperation with the customer. This is our common journey to zero and CO2 neutrality.

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Useful and Convenient Customer Solutions on the Journey to Carbon Neutrality

High electricity and gas prices affected all our customers in 2022. Eesti Energia's role is to be a supportive energy partner that is always available and helps implement innovative energy solutions.

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Major Steps Towards a Circular Economy-based Carbon-free Chemicals Industry

The goal of Eesti Energia is to have a carbon-neutral chemicals industry by 2040. Along the way, we will gradually replace the production of shale oil with the production of compounds necessary for the plastics and other sectors of the chemicals industry. Thereby, we reduce the environmental footprint in, for example, agriculture, automotive, packaging, wood and construction industries.

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Operating environment

Electricity prices were record-high due to exorbitant natural gas and CO2 emission allowance prices.

Emission allowance prices surged to record heights because of geopolitical events and low gas inventories which caused the market price of natural gas to soar and thus increased the use of coal and oil shale in electricity production.

The world market prices of oil products spiked after the start of Russia's aggression. By the end of the year, however, the market adjusted to the situation and the prices moved back to their levels before the energy crisis.

Gas prices surged to historic highs due to changes in the supply chains and low natural gas inventories.

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Financial results

Eesti Energia delivered record results in 2022 due to larger sales volumes and higher energy prices.


€ 2,2 billion


€ 333,0 million


€ 128,3 million


€ 445,2 million



(negative outlook)

Baa3 Moody's

(stable outlook)


6,7 TWh


10,5 TWh


405 thousand t

Eesti Energia's Sustainability Report

Eesti Energia's sustainability report, which has been prepared on the basis of the GRI (Global Reporting Initiative) Standards, has been integrated into Eesti Energia's annual report for 2022. The information presented in the sustainability report is based on Eesti Energia's strategic goals, the most significant impacts of its business activities, its stakeholder groups and global sustainable development goals (SDGs).

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Related topics

About the company

We create energy solutions ranging from electricity, heat and fuel production to sales, customer service and additional energy related services

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Management and structure

Our ambition is to be a role model for all other Estonian companies

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