Eesti Gaas increased its turnover in 2017

Although during the heating period the weather was warmer than usual, last year turnover of Eesti Gaas increased by six percent, reaching 123 million euros, while profits of the company fell to four million.

“The average temperature has a significant impact on our business. In order to reduce such risk we expanded our activities to different branches of sale of gas – we started to sell liquefied natural gas, designed and built a cogeneration plant using our own resources for the first time, and significantly widened our network of compressed natural gas filling stations,” said Margus Kaasik, member of the board of Eesti Gaas.

“Since natural gas remains the cleanest, most convenient and cheapest source of energy, we see opportunities for growth as in the present, so in new directions, and we will continue to heavily invest in our business,” added Kaasik.

“In a couple of months our new compressed natural gas filling stations will be completed in Viljandi, Jõhvi and Rakvere. Public transport of Pärnu now runs on gas, and Tartu is following its suit. Hopefully other cities will also follow the example for the sake of cleaner city air,” noted Kaasik.

Last year Eesti Gaas sold 439.7 million m3 of natural gas. Also, the company sold 6.5 million m3 of CNG, 18 million m3 of LNG  and 50 GWh of electricity.

Also, last year the amount of investments of Eesti Gaas was 7.7 million euros, of which the biggest investments were made in the gas distribution network (2.7 million euros) and in construction of compressed natural gas filling stations (2.3 million euros). 0.7 million euros were invested in purchase of LNG trucks and equipment. Due to continued investments in expansion of its business, this year Eesti Gas is not paying dividends.