Eesti Energia AS Division of Eesti Energia subsidiary Enefit Power
December 12 2024 - 1:00AM
RNS Regulatory News
RNS Number : 7704P
Eesti Energia AS
12 December 2024
Division of
Eesti Energia AS subsidiary, Enefit Power AS
The Ministry of Finance has approved on the 11th of December the
division of Enefit Power AS, the subsidiary of Eesti Energia AS
that is responsible of thermal electricity generation and oil
production.
Enefit Power AS will go through a division, which
will result in a creation of a new subsidiary. The sole ownership
of this new subsidiary will belong to Eesti Energia AS. The
division involves separation of Enefit Power AS oil and electricity
production plants, whereas the former remains in Enefit Power AS
and latter will be transferred to a new subsidiary.
The following assets of Enefit Power AS will be
transferred to the new subsidiary as part of the division:
1) April 1, 2025, the assets of the Eesti
Power Plant and the Balti Power Plant, along with related rights
and obligations (book value €25 million), will be transferred.
2) January 1, 2026, the assets of the
Auvere Power Plant, along with related rights and obligations (book
value €50 million), will be transferred.
Rationale for the intra-group reorganization is to
increase effectiveness of both oil and electricity production
operations and to separate costs and liabilities. Reorganization
and cost separation is also necessary to prepare for the provision
of strategic (electricity) reserve power services to Estonian
Transmission System Operator.
Danel Freiberg
Head of Treasury and Financial Risk Management
Eesti Energia AS
Lelle 22, 11318 Tallinn
Phone: +372 5594 3838
Email: danel.freiberg@energia.ee
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