Wikipedia

Eesti Energia

(Redirected from Televork)
"Enefit" redirects here. For the shale oil extraction technology, see Galoter process.

Eesti Energia AS is a public limited energy company in Estonia with its headquarters in Tallinn. It is the world's biggest oil shale to energy company.[citation needed] 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 of electricity. Its shares are owned by the Government of Estonia.

Eesti Energia
Enefit
Company typepublic limited company
IndustryElectricity
Oil and gas
Mining
Founded1939 (1939)
Headquarters
Tallinn
,
Estonia
Area served
Estonia, Latvia, Lithuania, Finland, Sweden, Poland, Jordan, Utah
Key people
Andrus Durejko (CEO)
ProductsElectric power and heat
Oil shale
Shale oil
ServicesElectricity and heat distribution
Sale of electricity
Revenue€880 million (2014)
412,400,000 Euro (2022) Edit this on Wikidata
215,700,000 Euro (2022) Edit this on Wikidata
Total assets3,969,900,000 Euro (2022) Edit this on Wikidata
OwnerGovernment of Estonia
Number of employees
~ 5000 (2020)
Websitewww.energia.ee

History

edit
 
Elektrilevi service office in Kadaka, Tallinn.

Eesti Energia was founded in 1939. In 1998, it was reorganized from the state enterprise to a private limited company. In 1998–1999, two distribution companies (Läänemaa Eletrivõrk and Narva Elektrivõrk) were separated from Eesti Energia and privatized.[1]

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, at that time Narva Power Plants owned also 51% stake in the oil-shale mining company Eesti Põlevkivi.[2][3][4] The proposed deal got a strong public and political opposition.[5][6] The deal was cancelled by the Government on 8 January 2002 after NRG Energy failed to secure financing for the deal by the agreed-upon deadline.[7] 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.[8]

In 1999, Government handed 51% of shares of Eesti Põlevkivi to Narva Elektrijaamad.[9] 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.[10]

In 2000, Eesti Energia and Latvenergo announced a plan to merge companies to create a new Baltic Power Group.[11] However, this deal was halted due to Latvian legislation forbidding privatization of Latvenergo and uncertainties around the NRG deal.[12][13]

In 2003, Eesti Energia tried to privatize Lithuanian distribution company RST. Although Eesti Energia fulfilled the privatization criteria and was the only bidder at the final stage of privatization, the privatization was halted by the Lithuanian Government.[14][15]

On 1 December 2005, during his visit to Estonia, Lithuanian Prime Minister Algirdas Brazauskas met with the CEO of Eesti Energia Sandor Liive to discuss Eesti Energia's participation in the proposed Visaginas Nuclear Power Plant project.[16] On 8 March 2006, the heads of Lietuvos Energija, Eesti Energia and Latvenergo during their meeting in Ignalina signed a memorandum of understanding on the preparation for construction of a new nuclear reactor in Lithuania.[17] Eesti Energia negotiated for six years; however, the project was put on hold after government change in Lithuania at the end of 2012.[18][19]

In 2006, Eesti Energia started to trade at Nord Pool Spot power exchange by acquiring Finnish trading company Solidus Oy.[20] At the same year it started to sell electricity in Latvia and one year later in Lithuania. The company started its international oil shale activities in 2006. That year its subsidiary Oil Shale Energy of Jordan was created for the shale oil development project in Jordan. The memorandum of understanding between Eesti Energia and Government of Jordan was signed on 5 November 2006.[21] The concession agreement was signed on 11 May 2010 in the presence of Jordanian and Estonian prime ministers Samir Zaid al-Rifai and Andrus Ansip.[22] In March 2011, it acquired 100% shares of the Utah-based Oil Shale Exploration Company.[23][24][25]

To implement the EU 3rd energy package, on 28 August 2009 Government decided to separate and buy-out the transmission system operator Elering from Eesti Energia.[26] The transaction was concluded on 28 January 2010.[27]

In 2010, the government considered the initial public offering of shares at the London Stock Exchange; however, this plan was postponed.[28][29]

On 29 May 2018, it was announced that Enefit Green, a renewable energy subsidiary of Eesti Energia, will acquire 100% of shares in the renewable energy company Nelja Energia for €289 million. In addition, it will take over €204 million of Nelja Energia loans.[30][31] The deal was approved and completed in November 2018.[32]

As of 2019, 100% of 4Energia's shares belong to Eesti Energia, so it owns 17 wind farms in Estonia and Lithuania with a total capacity of 287 MW, a biomass-fired 3.9 MW electricity and 19.2 MW heat cogeneration plant in Latvia, and a pellet plant with an annual production of 140,000 tons.[33]

Operations

edit

Eesti Energia produces and sells electricity, heat and fuel (oil shale and shale oil) and provides customer and consulting services. The company is engaged in the oil shale mining through its subsidiary Enefit Kaevandused, which extracts oil shale by opencast mining in the Narva quarry and by underground mining in the Estonia mine.[citation needed]

Eesti Energia produces electrical power and heat in Narva Power Plants, which provides around 95% of the electrical energy consumed in Estonia and supplies the whole town of Narva with heat.[citation needed]

For shale oil production, Eesti Energia operates the Narva Oil Plant, which uses a Galoter-type solid heat carrier technology process. The plant operates two Enefit-140 shale oil units. The plant produces about 1.4 million tonnes of shale oil per year. As of 2013, the new-generation Enefit280 plant is in hot-commissioning process.[citation needed]

International activities

edit

In Jordan, its subsidiary Jordan Oil Shale Energy Company is preparing construction of a shale oil plant with capacity of 36,000 barrels per day (5,700 m3/d).[34] The shale oil plant will use the Enefit processing technology; construction is slated to begin by 2015.[21] Its another subsidiary in Jordan, Attarat Power Company, is planning to build a 460 MW oil-shale-fired power plant at Attarat Umm Ghudran. The power station is expected to be operational by 2016, however construction started in 2017 with an expected completion for 2021.[35][36][37]

In Utah, United States, its subsidiary Enefit American Oil owns or leases more than 30,000 acres (120 km2) of oil shale property in the Green River Basin. Enefit American Oil plans to build a 57,000 barrels per day (9,100 m3/d) shale oil plant.[38]

Subsidiaries

edit

Eesti Energia has following subsidiaries:

  • Enefit US LLC (100%)
  • Enefit American Oil (former name: Oil Shale Exploration Company, 100%, United States), developer of the Utah oil shale project.[24][25]
  • Attarat Holding OÜ (100%)
  • Attarat Power Company (10%, Jordan)
  • Enefit SIA (100%, Latvia) – a subsidiary supplying energy in Latvia.
  • Enefit UAB (100%, Lithuania) – a subsidiary supplying energy in Lithuania.
  • Enefit Sp. z o.o. (100%, Poland) – a subsidiary supplying energy in Poland.
  • Enefit AB (100%, Sweden) – a subsidiary supplying energy in Sweden.
  • Enefit Oy (100%, Finland) – a subsidiary supplying energy in Finland.
  • Enefit Green AS (100%) – renewable energy subsidiary
  • Enefit Solutions AS (100%) – manufacturer of energy and industrial equipment, maintenance and supply services.
  • Enefit Outotec Technology (60%) – a joint venture with Outotec for developing shale oil extraction technology[40]
  • Enefit Jordan BV (76%, Jordan)

See also

edit

References

edit
  1. ^ Promoting Trade in Services Experience of the Baltic States: Experience of the Baltic States. OECD. 2004. p. 99. ISBN 9789264106161.
  2. ^ OECD Reviews of Foreign Direct Investment: Estonia. OECD Reviews of Foreign Direct Investment. Vol. 8. OECD. 2001. p. 60. ISBN 9789264195219.
  3. ^ Kurm, Kairi (6 July 2000). "American NRG gets clear shot at power investments". The Baltic Times. Retrieved 19 January 2013.
  4. ^ McGee, Joshua (28 June 2000). "NRG Energy gets go ahead on Estonia purchase". Oil & Gas Journal. Pennwell Corporation. Retrieved 19 January 2013.
  5. ^ Kurm, Kairi (23 August 2001). "President criticizes power plant privatization". The Baltic Times. Retrieved 19 January 2013.
  6. ^ Kurm, Kairi (12 July 2001). "Anger at power plants deal set to explode". The Baltic Times. Retrieved 19 January 2013.
  7. ^ Kurm, Kairi (17 January 2002). "U.S.-Estonian energy deal falls through". The Baltic Times. Retrieved 19 January 2013.
  8. ^ Gunter, Aleksei (29 August 2002). "NRG files lawsuit over sell-off". The Baltic Times. Retrieved 19 January 2013.
  9. ^ "Estonian government allocates energy shares ahead of privatization". ETA. 2 June 1999. Retrieved 19 January 2013.
  10. ^ "Estonia industry: Government to give Eesti Energia stake in Eesti Polevkivi". Economist Intelligence Unit. 17 January 2003. Archived from the original on 9 December 2014. Retrieved 19 January 2013.
  11. ^ Donald, Brooke; Medenis, Valters (25 May 2000). "Power companies hint at possible merger". The Baltic Times. Retrieved 19 January 2013.
  12. ^ Kudayarova, Diana (20 July 2000). "Latvenergo likes its winters cold". The Baltic Times. Retrieved 19 January 2013.
  13. ^ Sindrich, Jaclyn M. (13 July 2000). "Berzins: Estonian-Latvian power merger threatened". The Baltic Times. Retrieved 19 January 2013.
  14. ^ "Lithuania shortlists Eesti Energia for privatisation of its power grid". Baltic Business News. 24 September 2003. Retrieved 19 January 2013.
  15. ^ "The Lithuanian way". The Economist. 15 January 2004. Retrieved 19 January 2013.
  16. ^ Hõbemägi, Toomas (2 December 2005). "Lithuanian PM – Eesti Energia discuss plan to build new nuclear power station". Baltic Business News. Retrieved 19 January 2013.
  17. ^ "Three Baltic states say "yes" to nuclear energy". ENS News (12). European Nuclear Society. April 2006. Archived from the original on 18 July 2010. Retrieved 31 July 2008.
  18. ^ Adomaitis, Nerijus (6 July 2007). "Baltic, Polish firms to negotiate nuclear plant". Reuters. Archived from the original on 1 February 2013. Retrieved 9 March 2010.
  19. ^ "Estonians frustrated about Lithuania's indecision regarding Visaginas NPP". BNS. 28 November 2012. Retrieved 19 January 2013.
  20. ^ "Eesti Energia acquires Solidus for Nord Pool trading". ICIS. 30 August 2006. Archived from the original on 16 February 2013. Retrieved 19 January 2013.
  21. ^ a b Liive, Sandor (2007). "Oil Shale Energetics in Estonia" (PDF). Oil Shale. A Scientific-Technical Journal. 24 (1). Estonian Academy Publishers: 1–4. doi:10.3176/oil.2007.1.01. ISSN 0208-189X. Retrieved 25 October 2008.
  22. ^ Tere, Juhan (12 May 2010). "Eesti Energia signs oil shale concession agreement with Jordan". The Baltic Course. Retrieved 5 January 2013.
  23. ^ "Eesti Energia will start developing US oil shale industry" (Press release). Eesti Energia. 9 March 2011. Archived from the original on 2016-12-22. Retrieved 2011-03-09.
  24. ^ a b Hõbemägi, Toomas (16 March 2011). "U.S. authorities approve Eesti Energia's plan to buy OSEC". Baltic Business News. Archived from the original on 7 July 2011. Retrieved 16 March 2011.
  25. ^ a b Tammik, Ott (16 March 2011). "US Government Clears Eesti Energia for Acquisition". ERR. Retrieved 16 March 2011.
  26. ^ Tubalkain-Trell, Marge (28 August 2009). "Estonia to acquire power-grid operator from Eesti Energia". Baltic Business News. Retrieved 6 February 2010.
  27. ^ Tere, Juhan (2 February 2010). "Estonian Elering officially have changed owners". The Baltic Course. Retrieved 6 February 2010.
  28. ^ Copley, Caroline (12 May 2010). "Estonia appoints advisers for Eesti Energia IPO". Reuters. Archived from the original on 14 December 2019. Retrieved 19 January 2013.
  29. ^ Hõbemägi, Toomas (14 May 2010). "Eesti Energia IPO plans shelved". Baltic Business News. Archived from the original on 28 June 2010. Retrieved 19 January 2013.
  30. ^ Whyte, Andrew (29 May 2018). "Eesti Energia acquires bio energy firm in third biggest Estonian deal ever". ERR. Retrieved 3 June 2018.
  31. ^ "Enefit Green acquires Nelja Energia for €289m". Power Technology. 31 May 2018. Retrieved 3 June 2018.
  32. ^ "Competition Authority approves Eesti Energia acquisition of Nelja Energia". ERR. 7 November 2018. Retrieved 17 February 2019.
  33. ^ "Enefit Green: üks juhtivatest taastuvenergia tootjatest Läänemere piirkonnas". enefitgreen.ee (in Estonian). Retrieved 29 December 2022.
  34. ^ Luck, Taylor (7 August 2008). "Jordan set to tap oil shale potential". The Jordan Times. Archived from the original on 27 September 2011. Retrieved 25 October 2008.
  35. ^ "Jordan has 80-million-ton stockpile of oil shale". Jordan News Agency. 17 December 2012. Archived from the original on 8 December 2015. Retrieved 31 December 2012.
  36. ^ "Enefit consortium starts tendering process for Jordan oil shale fired power plant". Jordan News Agency. 30 June 2012. Archived from the original on 1 July 2012. Retrieved 30 June 2012.
  37. ^ Derhally, Massoud A. (23 December 2012). "Bids for Jordan's first oil shale power plant expected in February". Arabian Business. Retrieved 4 January 2013.
  38. ^ Diel, Scott (9 May 2011). "A Company Bigger than the Nation Itself". ERR. Retrieved 5 January 2013.
  39. ^ Wright, Helen (7 October 2020). "Eesti Energia merges mines, electricity generation into one company". ERR. Archived from the original on 28 October 2020. Retrieved 10 January 2020.
  40. ^ "Outotec and Eesti Energia to establish a Joint Venture for development of oil shale processing" (Press release). Outotec. 3 November 2008. Retrieved 9 March 2010.
edit
Retrieved from "https://en.wikipedia.org/w/index.php?title=Eesti_Energia&oldid=1245398404"