Eesti Energia’s first-quarter turnover has fallen by 16% to €227m while the company’s EBITDA was €50m, a 41% decrease.

The Estonian state-owned energy group blamed the Covid-19 coronavirus outbreak and the unusually warm weather for the fall in revenues.

Eesti Energia CFO Andri Avila said: “The effect was felt in the Estonian price area as well, as the price of electricity fell close to €0 during some nights.

“The low price of electricity makes our customers happy, but for the company, it meant lower sales revenue which was not compensated by the increase in sales revenue of liquid fuels and gas.”