Enefit Green AS (EGR1T) Earnings Call Transcript & Summary

Good morning or good afternoon, ladies and gentlemen. It's our pleasure to see you here today in our Q2 Interim Result Presentation. So it is me Aavo Karmas together with our CFO, Veiko Raim, who is giving you and I an overview about results of Enefit Green in Q2. And happy to take your questions after the presentation. And of course, as always, that if our questions, which will remain unanswered or you want to ask them later. You're always welcome to send them to e-mail address [email protected]. And then also current presentation is available on our website. If we start the presentation as usually, we speak of external factors or external environment around us, which has an had an effect on our results. And then if we start from a power prices, so you see that here, we have brought out the comparison with Q2 last year. So what we can see from here is that there has been really a significant drop of our power prices in all countries around the Baltic Sea. We see that the prices have dropped to -- I mean, by 40%, up to 60% in our main home markets, we certainly had an impact on our results as well. And the reason for those power prices let's say, being normalized compared to real significant high prices last year. The reasons are brought out here. So of course, it is mainly because of very -- I mean, low gas prices, where gas prices have dropped 2x compared to last year. It's also about more hydro generation or power generation from hydro compared to last year. And last but not least, the launch of -- or start of production in all Olkiluto-3 nuclear power station. So those are the main reasons. So if one would ask me or us that what is our prediction for the rest of the year. So it is -- as a recent history has shown, it is really tricky to predict power prices for coming period. But usually, the second half has shown higher power prices than the first half. But of course, it all depends on weather conditions this winter. It depends on the gas demand and gas prices in Europe. But this is actually the picture, which has an impact on our activities in Q2 last -- or this year, sorry. Secondly, if we look on the regulatory environment and changes were, so we have rolled out here a few, few changes or few impact. So first of all, if you take a European Union level, so there have been in discussions in European commissions regarding market design in the future. So there are a lot of discussions and a lot of topics still ongoing, but just to bring out to you, which may have an impact on renewable business are, for instance, but they are kind of contemplating on including so-called power price cap mechanism, main framework of regulations as last year, it was kind of a one-off of a decision to implement this price cap. So that we think that maybe -- this could be also can be implemented either in the future. And the second thing is that 2-sided CfD, is foreseen as a most favorable support mechanism for renewables in coming future. But once again, nothing has been decided yet with the talks discussion are still ongoing. So when we talk about Estonia, so as you probably may know, we have the parliamentary elections in Estonia this March and the new government has introduced their long-term action plan up to 2027, which has a significant points on renewables. So just to bring out to a few. First of all, Estonia wants to become a net exporter of the power by 2030 in order to become. So we see that we need more significant and more renewable capacity in Estonia coming online in a few years. And in order to boost it from a state side, our government has also foreseen to launch support mechanism auctions for both for onshore and offshore wind in coming years. And maybe last but not least, from this slide to highlight here is Poland and the changes in the legislation regarding onshore wind. As we know that some years basically the development of onshore wind in Poland has stopped because of the so-called 10x tip height restriction which now has been changed. So the turbines can be closer to the households. So a minimum distance is 700 meters from houses. So we see that this will now significantly boost the development of onshore wind also in Poland, which is one of our core markets and certainly Enefit Green will be part -- or want to be part of this process going forward. And the last -- or not the last, but the third external factor which has a really significant impact on our activities and results is a wind speed as a wind is the largest part of our business. So as you can see, we hear the wind speeds in Estonia and Lithuania in second quarter this year have been historically low if we take in comparison last 3 years. So we see that it has been only 5.2 meters per second as an average. Yes, I mean, usually, the second quarter is lower than the first quarter, but that -- this year, it was significantly lower than the first quarter. I mean, and this is something we, as a company, of course, cannot impact in anyways. And last thing, what we can do is actually our availabilities, how we operate our power plants. So if we take first our wind farms, so we see that Estonia has gained really high good results. The availability of Estonian wind farms was almost 98%, we see a slight decrease in Lithuania. Of course, there are reasons behind the main reason was actually the change of main components in our: Silale wind farm. Main components is, for instance, gearboxes or generators. So those are really a massive and long-term repair works but the Silale wind farm is under a full service agreement by turbine manufacturer who also has taken a availability guarantee on a yearly basis. So that we see that what will be a final availability result of offshore wind farm by the end of this year. Our CHP power plant showed an excellent result. So remaining at the same level compared to last year and same goes to our solar parks, which were operating in almost 100% level. Now if we move on to our pipeline. I mean, Enefit Green has said that we expect to grow 4x by the end of 2026, let's see how did it go with our last quarter. So last quarter, our operational and under construction capacity has increased almost 1.13 gigawatts. So addition is 74 sorry, megawatts compared to Q1 which was mainly due to investment decision we made for Sopi solar park, PV Park in Estonia. And now, as usually, in the second quarter report, we have also disclosed our near-term pipeline. So we see that -- or we expect that by the end of 2024, our operational and on the construction capacity will reach up to almost 1.8 gigawatts. So nicely on a way to 1.9 gigawatts by the end -- of course, disclaimer is that all depends on the market conditions and the external factors, which may impact this growth. But if we now look closer, our current under construction projects, so here had been some changes compared to Q1 results when we met the last time. First of all, to point out here is that during the last quarter, 3 of our power plants became operational. This is Purtse PV and Purtse wind in Estonia and Zambrow solar park in Poland, which altogether 62 megawatts. So currently, our operational capacity is 519 megawatts, as you can see on this blue bar and then there are a few other projects currently under construction. So let's go improve very quickly one by one. So Silale wind farm in Lithuania last time we said that we expected that the COD times is a third quarter of this year. So this time, we see that, unfortunately, per installment of one of turbines took a bit of longer time and also in order to reach COD, we need to make a grid tests, as I showed you before, a unfavorable wind conditions in Lithuania. So we were not able to carry on necessary grid tests. But all 12 turbines are currently up and running, producing electricity and currently, grid test ongoing, and we expect to finalize them in really near future coming weeks. So this is which will then bring us closer to a COD at the end of this year. Next wind farm is Akmene. So here, we stopped a bit longer. Just to give you an overview or current status of Akmene. So as we also announced at the beginning of May that there was a collapse so far one of the turbines in a wind farm. So current turbine, which collapsed was under construction. So it was not owned by Enefit Green. Altogether, we have 14 turbines in the wind farm out of this -- out of that 6 turbines are currently kind of owned or handed over to Enefit Green, but we stopped the operation of both 6 turbines after that incident in order to restart them after we have gotten now in what has been really a root cause of this collapse in order to avoid this happened also in the future with a lot of turbines. Currently, the report is of the route has been -- is under preparation. So we expect that in a few weeks' time, the root cause will be known in order for us to make a decision of restarting the rest of the 6 turbines and reinstalled collapsed turbine. Of course, we will let you know as soon as possible the results alone of the root cause in a due course. So -- and then according to current knowledge, we expect that the part will be given to operation first quarter of next year, of course, we try to do everything, which is in our hands in order to start the operations sooner. So we are in a very, very close contact with a turbine manufacturer in order to really, first of all, find the root cause, agree on root cause and secondly, find a way how to boost the construction of the remaining wind farm. So if we move on to Tolpanvaara, we have good news here so that we expect it to have a COD for Tolpanvaara first quarter of next year. But currently, we see that we can make it actually in the fourth quarter of this year in order to -- as a construction has been developing well and we see that also we can gain from a time spent on a grid tests. And then last from that slide to mention is our Sopi PV investment decision of 74 megawatts, which is currently under construction. We made the decision this May. So all in all, as you can see, our current operation around the construction capacity is 1.13 megawatts. Now if we move on to our pipeline of this year and the first half of next year, we have brought out here new projects, what we expect to make investment decision this year. So with a total capacity of 424 megawatts. So this is 240 megawatts of wind and 184 megawatts of solar. So here, we have -- do not have any major changes as of today only to bring out this Kelme II and III with both projects we expected to make investments in the first -- at the end of first half of this year. But as a procurement has been both for BOP and for turbine has been taking a bit of longer time, we expect to make investment position in -- at the beginning of -- or in the middle of Q3 this year. So we have -- as of today, we have received all the offers and the validation is undergoing, and we also started about to investigate the PPA opportunities for those projects as well. And if we move on to investment decisions for our projects beginning of -- or first half of next year. So both our new projects, we have not highlighted the mains or most of those projects before -- so total capacity is 240 megawatts. So it's 60 megawatts of wind in Estonia and 180 megawatts of solar in Poland and then also Estonia. So we expect that if we managed to realize the whole pipeline, what you can see in front of you at the moment that -- we expect that by the end of the next year, our capacity both operational and the construction and with FIDs is around 1.8 gigawatts. Yes. Maybe one thing to -- it's a good time here to point out is that, of course, we are very close to looking what is happening around us, what our forecast for our policies in the future. We are very carefully picking up projects we still stick to our investment criteria and also with all investment decisions, we will deliver. I promised the return on the capital. So we will not give up on those terms by any means. Just maybe to say here. And last, but I'm pleased on our long-term pipeline. Happy to say that we have -- in Q2, we have increased our long-term capacity up to 2,100 megawatts. So when we met the last time, it was I think 1,700 megawatts, 1,600 megawatts, which is mostly offshore wind and solar in most of our home markets, so that our development team has done a great job in order to find a way how to increase our capacity. Also had the news on offshore wind projects to bring out here is a low offshore wind. So now we have completed our EIA studies. The report is ready and the report has been given or forwarded to the Minister of Climate in Estonia, will now go through and then it's fair kind of obligation to give a go or no go for this project to our next stage. I mean, next stage is you going to a technical design and stuff like that. And we really offshore wind project we've been nicely moving forward with our studies. So all the EIA studies are nicely on track and expect also to start to see that studies quite soon. So all in all, we expect that in the long run, our total capacity will reach up to 6 gigawatts. So saying that, I will stop here for a while and then give it over to Veiko, who will elaborate on our results in Q2.

Yes. Thank you, Aavo. So quite changes compared to our exceptional 2022 results this quarter. So it deserves to go through all of them in detail. So first of all, I think we would like to start from production and electricity production as we have shown, we have delivered 265 gigawatt hours of power in this quarter and really, we're quite happy to see that there is already some production going from the new parks, less than we hoped for to the incident with Akmene and so on about 56 gigawatt hours was already coming from new parks. However, if one strips that out, when compared to the last year's production for the existing forms, we actually see that there is minus 23% of production decline. So all in all, the low wind this quarter has really delivered quite a bit less power for us than we would expect on a regular [ wind ]. Secondly, what we can see is the implied capture price as we have always discussed. This is all the power revenues, minus versus costs divided by our production. So essentially, every megawatt hour, whether our production generates together with the guarantees of origin and support. So this is EUR 90 per megawatt hour or minus 29% compared to the same period last year. If one now things back, but I will just say a few slides back, then the market prices have been 50% lower essentially in our target markets. So one can see that the way we hedge and the way we signed power agreements actually reduces our power price volatility. So that is essentially a beneficial effect of hedging. So all in all, our revenues or operating income, which includes also other operating income is EUR 41.2 million this quarter, 19%, mainly due to the electricity revenues -- the costs were higher as well. So the EBITDA came in at EUR 19.3 million or 37% lower. And then finally, the net profit, of course, has some certain one-off items or kind of periodic items also in it, namely the increase in dividend taxation. So this is every second quarter, we pay the dividend. So we'll discuss that, but there is also an impact of that in there that we earned only EUR 1.1 million of net profit in Q2.

Sorry for interrupting you. Sorry, I think I forgot to -- that please, you can also ask a question during a presentation in a Q&A window. So we'll take them after we have finish for our presentation. Sorry, Veiko.

So if we, first of all, look at the Q2 electricity prices as we have seen them realize. And there are quite a few prices we discussed here, but I'd like to start from the volumes on the top right-hand side. So you can see, first of all, that while our production was slightly below last year, 2% below, actually, our sales volumes increased 73 gigawatt hours and then also the purchase volumes increased to 9 gigawatt hours. The reason for that is that as we deliver on our PPAs and our production is significantly below our expectation in certain hours, then we need to buy more. So it essentially push both the sales side and the purchase side. But yes, this is the regular feature of baseload hedging in fact. What it also comes out from here on this graph is that compared to last year when actually almost 60% of our power sales volumes were down on market price basis, we were very exposed to the market price. So as the price was going up, then our revenues were increasing, whereas actually this year, the size of PPAs in our portfolio or fixed price sales in our portfolio is quite a bit larger, which means that our exposure to the power price was significantly less. So this is a clear change in -- compared to last year that we have undertaken. In terms of prices, when you can see that lower left-hand side of the table, then both the core markets average prices in our target markets, the price of electricity that we sold to the market also the realized purchase price is roughly half of what it was last year, maybe a bit more, maybe a bit less, but roughly half whereas our PPA prices or the fixed sales prices have actually increased by about 6%. So this shows that how the PPA is actually delivering on their promise and then on the other hand, they imply capture price, which, again, where we take away all the sales revenues or take away all the purchase cost from sales revenues has reduced to EUR 89.9 per megawatt hour. So this is -- this is the impact of our results this quarter. Finally, what I'd like to point out is that in Q2 last year when core markets average was still EUR 151 per megawatt hour than actually in Q3 and Q4 last year, when we were also quite a lot benefiting from the power prices in the market due to our sales then actually, the power prices were about EUR 300 and EUR 200 per megawatt, respectively. So these are [ red dots ] on the top left-hand side, so where we were in Q3 and Q4, respectively, last year. So depending what we'll realize this year, of course, our comparison base is very high in 2022. So I think this deserves to be kept in mind. If we move on to operating income in its entirety, then the biggest impact indeed has been by the captured electricity price. So it has realized slightly differently in different segments, wind, CHP and actually solar as well. But the wind segment, mainly the reduction in revenues behind it is 9% drop in production and then the realized price drop of earned price of 26%. Then in pellet side or CHP segment rather, we have had pellet performing well with increased volumes and higher sales prices. So this has boosted revenues. On the other hand, there also the power price has reduced it. So altogether, net-net, it still was on a negative territory, the prices. Finally, solar, there we have 2 features, namely the production was almost doubled or even more than doubled in the recent quarter. Of course, the prices were also lower for solar, but the main impact why here, we have solar revenues declining is actually the exit from turn-key, low-margin solar services business in Q2 or end of Q2 last year. So there, it is still having a competitive impact on our revenues. But we'll speak about this in a moment on the solar side as well. In terms of EBITDA, then of course, dropping power prices have had also an impact on EBITDA. So while we earn more from PPA side than on the price front, then actually the power prices that we sold to the market were, of course, tough. So there, if we take that also net of the purchase price impact is minus EUR 10 million totally. And this is the main reason behind the power or EBITDA drop of EUR 11 million that we had this quarter. When we look at the quantities. Then as I mentioned, both sales quantities and purchase quantities were higher. So these have netted each other out to an extent and altogether, the negative impact of minus EUR 0.3 million is brought about mainly by the lower production. And then finally, the fixed expenses impact, minus EUR 1.6 million in this quarter. Well, the fixed expense increase of around 20% has been a feature, both in '22 for the full year as well as in Q1 '23. This is behind it is drive to increase our development activity, development team, actually go through the development actions where we have costs before we start construction. So we have a bigger team, have more consultation costs, and this is really the roughly 65% of the cost increase is behind labor and consultation. So yes, we'll, of course, need to deliver results on the development side, alongside the higher costs, but the portfolio that we have is sizable, and we look to realize that if the market opportunities is allow. Finally, the other cogeneration segment result, EUR 0.6 million positive. So this is really the sale of pellets and better profitability as well. So this has helped our revenues a bit and EBITDA a bit as well. So the positive impact from there. We now move to wind segment. So our largest segment, 60% is actually of our volumes and -- sorry, operating income EBITDA then here, indeed, on the left-hand side top, you can see minus 9% volume drop. If one adds a stone Lithuania together. So the Lithuanian production was higher to new wind farms, while in Estonia just existing wind farm production drop had a bigger impact the price increase reduction rather from EUR 118 to EUR 87 per megawatt or was a sizable feature in the revenue decline. And then finally, I would like to bring out also the operating expenses per megawatt of operations. So here, we -- which is the stacked bar, second from left in the bottom and here, we have built it up via quarters and one can see that in the -- while 4 quarters in total were about 6% higher than actually there's indexation of maintenance costs via wind farm operating agreements actually has increased the costs in latest quarter by 11%. So altogether, we haven't had so big impact yet, but it's altogether about EUR 0.2 million for this quarter, but this increase is actually feeding into these operating and maintenance costs as well. Finally, EBITDA then coming in at EUR 11.8 million or 42% lower due to all of these main impacts. I won't stop too long on CHP because slightly lower volumes substantially lower price as this has been exposed to the market price reduction the most. Electricity revenues going from EUR 7.4 billion to EUR 3.7 million, as you can see in the bottom left. And finally, as a result of that, also EBITDA dropping by EUR 3 million or 27% to EUR 7.8 million. Really there, here the pellet impact, as I've said already a few times, has been good. But all in all, still a reduction of revenues from the power sales has been prevalent or dominant dominating. Finally, Solar segment, as I've said on a few times over the last, well, 12 to 18 months really -- so we're building solar out to be a big segment. And here, we -- is something the first time where we can see it in earnest. So our production volumes have doubled from 13 gigawatt hours to 29.5 gigawatt hours while our captured electricity price has dropped, alongside others. Then still, our revenues have doubled as well. So from the operating farms, especially there from EUR 1.5 million to EUR 3 million. In terms of solar services, as mentioned, this EUR 2.2 million, we don't earn any more than we did last year. But as it was a small margin product, then still our EBITDA grew by 54%. And altogether, our EBITDA of EUR 1.9 million made up 10% of the EBITDA in Q2 and this is the highest that Solar has seen. Right. In terms of net profits, so as mentioned already, the reduction from 16.9 to 1.1 is sizable. EUR 11.5 million from that reduction comes from FTA reduction that we've covered. So rest of it is EUR 4.3 million of reduction. And really, the main feature there is the corporate income tax that Estonia gets charged on the time when you pay out dividends. So this is in Q2, as we distributed dividends of EUR 55 million. We have paid EUR 9.3 million or cost expense, EUR 9.3 million of corporate income tax which is EUR 4.7 million larger than last year. So this is really the -- behind the cost increase. Sizable profits we earned from last year. Most of them were from Estonian operations, hence the dividends paid out come from Estonia profits, some parts we pay from Lithuania profits, but -- so in that sense, it was lower than if we paid everything out of Estonia. But altogether, still a EUR 4.7 million negative impact. We've also had interest cost increase, so -- or interest expense increase of EUR 1.8 million from EUR 0.6 to EUR 2.4 million. But as we capitalize all of these interests into the construction due to the regulation, then actually it doesn't affect our profit and loss at the moment. Altogether, returns that have come in, both on the equity side have been low at 12.9% due to the net profits being small. Right. In terms of investments, we have had a sizable investment quarter. So EUR 74 million investments coming from new wind farms and new solar parks predominantly. So especially Tolpanvaara, so more than EUR 30 million of investment in the recent quarter, Sopi-Tootsi had EUR 13.9 million and Vandra solar farm actually saw roughly half of our total of our solar investments. All together, we are progressing well. In terms of financing cash flow of EUR 30.9 million, that one sees on the top left-hand side, the there is actually 2 features. One is the dividend payment of EUR 55 million that we conducted during the quarter and to finance that and investments, which took out the loans of EUR 90 million. And really, our loan level has increased net debt-to-EBITDA level rather has increased to 2.2x. Behind that is EUR 353 million of new or total outstanding loan balance and we still have EUR 285 million left to draw on an existing line. And of course, we are in discussions with the loan providers for the next features or next loan limits as well. It will take us nicely through 2022 and our investments this year. Of course, interest rate environment is higher, 40% of our interest costs have been hedged. So what we are paying at the end of the quarter is 3.4% of interest costs in total. Right. And finally, from my side, is the power portfolio. So we haven't seen much change in the hedge levels in recent quarter, we did small amounts in [ '25, '26, '27 ], quite close to our portfolio average prices. So not a lot of change in the PPA market or PPA side for us this quarter, of course, as our bigger investment decisions approach, then we expect to do more to hedge also production -- expected production from these new parks that are expected to be invested in. But of course, that we can disclose when we're speaking. I think -- without further ado, over to Aavo Karmas.

Yes. Thanks, Veiko. Yes, just to sum up, last quarter as I think the word we can use it was really challenging. I mean due to all the reasons we have been discussing previously. I mean weak wind conditions, lower power prices, slight increase in cost, but still, we've been able to move on with our pipeline, extra or additional 62 megawatts we brought online and we still keep going on growing our pipeline for a long term. And our development team has a focus on lowering [ wind speed ] for our future projects because as we've seen also in last quarter that market conditions are really challenging and can change very rapidly. And in order to lower [ wind solar ] for our future projects. So we mostly deliver or develop them, sorry, as a hybrid project, so wind and solar in the same locations coupled with possible storage solutions in the future. I mean, talking about storage, we didn't mention but that also in our first hybrid park in Purtse solar and wind already operations, we expect also to add the stories for next year and middle of next year. So we basically made a decision to acquire 4 megawatts or yes, 4-megawatt storage are. And then of course, n Akmene case, which had the impact on our activities last quarter. So we still have a very strong focus on finding out the root course together with a turbine supplier and our advisers and after we have done it and field secure, we expect to relaunch or restart 6 turbines which are currently standing. And then after that, do everything that is possible to build a wind farm ready even faster when we said a few moments ago. So all in all, we still have focus on our pipeline. And in order to realize pipeline, we follow existing financial criteria in order to deliver return on the capital we have from. So saying that, we will stop here now then ready to take your questions. So thanks very much for listening.

We have few, yes. Does Enefit plan to get evolved in hydrogen economy in the foreseeable future, e.i., use surplus electricity not reserved for our customers to produce hydrogen when prices in Nord pool are low? Yes, that's true. That's a good one. I mean we will see a fluctuation of prices -- power prices in the future more often when today and certain storage plays a role in this game and especially when offshore wind farms will become online in the future, we need really a large-scale storage opportunities and certainly hydrogen is the best -- one of the best ones. And when you ask do we have any plans. So the answer that we are currently thinking of launching a so-called pilot project of producing hydrogen in one of our onshore wind farms in order to be ready once we'll start the construction of offshore wind farms that we are more familiar about production of hydrogen. I cannot disclose any concrete date here at the moment. But as I said that we have started initial preparations already.

I'll take the second one. So have you made power delivery agreements with 2 high production assumptions? Or what is wrong on your hedging policy? How long these problems related to power purchases will last? This -- essentially, what we do always when we look at our portfolio, we look at the PPAs that we saw in versus our total portfolio. So in that sense, we were careful that we don't sell more than what we plan to produce. However, in these quarters, when production is really low, then of course, the power purchase agreement sales will form a larger part of the production than on average quarter. It's a peak production quarter, then the details will form a smaller part. So this is the fluctuating nature of our business. How long these problems related to power purchases were lost? Well, power purchases are actually a regular feature of a baseload hedging as we do it. So we can reduce the purchases by reducing the amount of power purchase agreements that we signed, but then we will be more exposed to the market price themselves. So essentially, we are trying to find the balance between the right hedging level and the risk of purchases. But unfortunately, the payers produced or where you don't bear this production level risk market in Baltic hasn't been so developed yet as in certain other countries. So we are, of course, looking to develop that as well. So there are a few things we can do. But of course, the main means things tells that the purchases for baseload production is a regular happening.

So next one, Purtse and Zambrow have moved from construction to operating portfolio. Am I correct to assume that the production figures have been included in additional 56 gigawatt hours of production from new plants? Yes, the answer is yes. Both this production is included. So I think it is also clearly shows that the new power plants have been helping us in as low wind conditions to produce more compared to last year. And the second part of the question is, is there anything else in that figure has..

We should have Silale II as well in that figure. They have been contributing as well. So Silale II wind farm, a bit of wind power from Akmene as well in -- from April was involved. So actually, it's a combination of the total -- and I'll take the last one that as they now move to operating, does that related interest expense will start appearing in the P&L.? We generally compare our total interest costs and how much we have on the construction of the assets. So we take total portfolios. So it may not appear so fast. But of course, in case these production assets start being captured in operating assets in accounting, then they would actually have all the amortization costs or all the operating costs that you regularly have for operating assets. So what would have been implied captured power price in Q2 without the external power purchase effects? Now it's a bit of a theoretical question for me because in case we don't have purchases, that would mean that we wouldn't have the PPAs, right? Because if you don't purchase your [ control I ] on PPS or if you would have a different kind of PPA and the PPA price would be lower, so in a way, one can calculate that our power -- total power purchase costs have gone up by EUR 4 million, right, quarter-on-quarter, if you divide that by 265 gigawatt hours of production, it's about [ EUR 16 million ] of impact, right? So if purely theoretically speaking, if there was not our purchase cost increase of EUR 4 million, one will have earned instead of [ EUR 9, EUR 106 ] per megawatt hour. But again, they would not have that kind of PPAs or that price PPAs and it would not have had such an impact. So one can calculate that, of course. Yes. Finally.

Akmene is not producing gaining revenues as it should be -- have been, could it actually be that you can play both unearned revenues from a turbine supplier. Our current focus is on agreeing on what has been a root cause of this columns. Secondly, we won't -- remaining the 6 turbines which are currently standing, they then produce electricity as soon as possible; and thirdly, to build a park wind farm ready as soon as possible. But of course, yes, I mean, there are terms and conditions in our agreements, which will allow us to cover kind of cure cost, but that -- of course, I cannot disclose it this at the moment in the details. But what I can, of course, say that all our activities have insurance coverage in Akmene as well, but this is not our priority at this moment. Of course, we will take it on the table in due time and do everything at all our costs will get covered in what happened or other cured so far. So it seems that this is it. But thank you very much. Once again, you're always welcome to send questions, comments to investor at enefitgreen.ee any time if you have any closer questions and you want to know more in detail when we spoke today. Once again, this presentation is available on our website, and you have a chance to go it through. So thank you very much once again, and see you all next time in our Q3 presentation. Thank you.