Last year’s turnover of Baltpool grows by 22.7% and amounts to EUR 902.7 thousand

2019 03 21

In 2018, the turnover of the Baltpool energy exchange grew by 22.7% compared to the 2017 results and amounted to EUR 902.7 thousand. The unaudited net profit increased by 14.7% and amounted to EUR 179.9 thousand (in 2017, this figure was 156.9 thousand).

“Our objective is to provide all participants of the energy resources market with an opportunity to trade in competitive conditions and to ensure the maximum return for the State. We are delighted with our last year’s results. Last year, Baltpool achieved a greater turnover and profit despite the reduction of the biomass exchange rates by 10%. In 2018, we consistently continued our work aimed to strengthen the transparent biomass market in Lithuania and to further develop the European biomass trading platform,” said Andrius Smaliukas, Director General at Baltpool.

According to Mr Smaliukas, the company continued to promote its unique biomass trading platform and export the platform management expertise accumulated over six years: a biomass exchange developed by Baltpool and based on Baltpool’s good practices was launched in Denmark, and a new biomass exchange will soon start operations in Finland. The active work implemented last year in Latvia has also been productive: this year, trading in the biomass exchange in Latvia takes place daily.

Last year, Baltpool also developed its operations on the Lithuanian market and supplemented its portfolio with heat auctions and timber trade. The administration of these new activities contributed to the growth of the company’s earnings. The earnings from the organisation of trade in peat fuel also increased in 2018.

One of Baltpool’s objectives this year is to further develop its operations in the available markets in Latvia, Estonia and Denmark, start trading in Finland and enter the neighbouring markets of Poland and Sweden. In 2019, the Lithuanian biomass trading system will be improved and developed further and made even more convenient for customers. Baltpool will also seek to implement a trading system based on the same transparency principles in the timber market.