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Eesti Energia

Eesti Energia
Enefit
limited company
Industry Electricity
Oil and gas
Mining
Founded 1939 (1939)
Headquarters Tallinn, Estonia
Area served
Estonia, Latvia, Lithuania, Finland, Jordan, Utah
Key people
Hando Sutter (CEO)
Products Electric power and heat
Oil shale
Shale oil
Services Electricity and heat distribution
Sale of electricity
Revenue €880 million (2014)
Owner Government of Estonia
Number of employees
~ 7400 (2010)
Website www.energia.ee

Eesti Energia AS is a private limited energy company in Estonia with its headquarters in Tallinn. It is the world's biggest oil shale to energy company. The company was founded in 1939. As of 2014, it operates in Estonia, Latvia, Lithuania, Finland, Jordan and Utah, United States. In Estonia the company operates under the name Eesti Energia, while using the brand name Enefit for international operations. The main raw material for energy production – oil shale – is extracted from mines located in Eastern-Estonia and owned by the company. The group of Eesti Energia has three main operation areas: electricity generation, shale oil production, and sale and distribution electricity. Its shares are owned by the Government of Estonia.

Eesti Energia was founded in 1939. In 1998, it was reorganized from the state enterprise to private limited company. In 1998–1999, two distribution companies (Läänemaa Eletrivõrk and Narva Elektrivõrk) were separated from Eesti Energia and privatized.

In 1995, the Government of Estonia started negotiations with NRG Energy, a subsidiary of Northern States Power Company, to create a joint venture on the basis of Narva Power Plants, a subsidiary of Eesti Energia. According to the basic terms of sale, agreed in 2000, NRG Energy was to acquire 49% stake in Narva Power Plants. In addition, that time Narva Power Plants owned also 51% stake in the oil-shale mining company Eesti Põlevkivi. The proposed deal got a strong public and political opposition. The deal was cancelled by the Government on 8 January 2002 after NRG Energy failed the deadline to secure financing for the deal. On 21 August 2002 NRG Energy filed to the London court claiming £100 million compensation for damages from the cancelled deal; however this claim was rejected.

In 1999, Government handed 51% of shares of Eesti Põlevkivi to Narva Elektrijaamad. In 2003, Government transferred remained 49% stake in Eesti Põlevkivi to Eesti Energia. Also Narva Elektrijaamad-owned 51% stake was transferred to Eesti Energia and Eesti Põlevkivi became a fully owned subsidiary of Eesti Energia.


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