Enefit Reports Net Loss Despite Revenue Drop in Lithuania
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Lithuanian power supplier cites infrastructure investments and customer benefits as factors.
Despite a decrease in revenue, Enefit, the power supply company, reported a net loss of $2.4 million in 2024, a stark contrast to the $16.5 million net profit in 2023. The company attributes this to strategic investments and customer-focused initiatives.
Financial Performance
The company’s CEO,Valdemaras Fedorovich,explained that the adjusted net loss reflects the company’s strategic direction. He stated the loss is partly part of us as a company as a company.
Did you know? Lithuania aims to generate 100% of its electricity from renewable sources by 2050,according to the Strategic Investments
fedorovich highlighted the company’s focus on expanding its public loading station network, anticipating future returns from this infrastructure investment. Last year, Enefit’s revenue decreased by approximately 10.5%, reaching 285.4 million, compared to 315.9 million in 2023. This decline occurred amidst fluctuating energy prices and market dynamics. Despite the financial challenges, Enefit reported an increase in market share, particularly in the business customer segment, which grew by 3.2%. By the end of 2024, the company held nearly one-third of the market, with an overall market share increase of 2.3%. Pro Tip: Consider energy-efficient appliances and practices to reduce your electricity consumption and lower your bills.
The average electricity price on the Nord Pool exchange was €87.34 per megawatt-hour (MWh) in the past year, which was 8% lower than the €94.44 recorded in 2022.Fedorovich attributed this price decrease to the stabilization of the Nord Pool exchange,influenced by geopolitical factors. Enefit had an average of 96 employees last year, compared to 101 in 2022.All of Enefit’s shares are owned by the Estonian company Enefit.Last year, we focused on the progress of a public loading station network, which we hope will soon generate increasing returns.
Revenue Decline
nord Pool Exchange Impact
Company Structure
