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's activity report 2022

Gren Ees(cid:415) AS belongs to the Gren group, which was formed from the former Fortum Baltic district heating and cooling business. Gren Ees(cid:415) ensures warm rooms for Pärnu district heating consumers with its activities. The year 2022 was the eighteenth year of operation for the company.

History

Gren Ees(cid:415) AS operates in the Pärnu district heating and cooling market and produces heat and electricity at the Pärnu Power Plant, which started operations in 2010.

In addition to producing heat for district heating customers, the power plant has been supplying heat, steam and electricity to the Metsä Wood plywood factory since 2017. In 2019, our Pärnu district cooling system started operating, ensuring a pleasant indoor climate for customers connected to the district cooling network in the city center of Pärnu.

Thanks to the use of local biofuels and efficient heat production and distribution, the price of district heating for consumers in Pärnu is affordable and stable. Price, cleanliness and supply reliability have ensured the competitiveness of district heating against other heating solutions and, together with intensive sales activities, have brought over 140 new district heating customers in the last 3 years.

Gren Ees(cid:415)'s district heating system has an efficient district heating label, which makes it easier for connected buildings to meet energy efficiency requirements and achieve a better energy class.

2022 results The Russian invasion of Ukraine in February 2022 and the war that started there indirectly affected the company's operations. Although the company does not have direct supply contracts with Russia, Belarus or

Ukraine, the increase in the price of steel and copper affected the price of district heating pipes and construction costs.

As a provider of vital services, we paid more attention to ensuring fuel supply and created the possibility of using heating oil to replace natural gas if necessary. In conclusion, we ensured the reliability of district heating supply in difficult conditions.

The good work of the company's employees in finding new customers should be highlighted - in 2022, we concluded 8% more connection contracts in terms of connection capacities than in 2021. The growth of the customer base was supported by the fact that competing heating methods were more expensive than district heating and there was uncertainty about the reliability of natural gas supply.

The sale of heat energy in 2022 was mainly affected by the weather, which was on average about 0.7 degrees warmer during the heating period, which resulted in a 5% smaller volume of heat energy sales than in 2021. High energy prices and the overall state of the macroeconomy led consumers to save, which reduced the same heat sales volume.

We sold 8.5 GWh less electricity than in 2021, but due to the high electricity market price at the end of the year, the company's electricity revenues were higher than in 2021. Since the fall of 2022, Pärnu Power Plant no longer receives renewable energy subsidies and operates entirely under market conditions.

A rapid increase in the demand and price of biofuels began already at the end of 2021 and continued in 2022.

As market conditions changed, we were forced to repeatedly increase the purchase price of wood chips and make rearrangements in deliveries during the year. Thanks to timely measures, fuel supply operated without interruptions. At the same time, the price of natural gas rose to a record high, but since the importance of natural gas in our fuel selection is small, the impact of the increase in the price of natural gas on the results was smaller.

While we had previously reduced the price of heat in Pärnu by about 5% in the period 2017-2022, then in the fast(cid:415)