Eesti Energia Says Coalition Plans Could Cost State Billions of Euros

Photo: ERR
4/9/2014 2:40 PM
Category: Economy

The management of state-owned Eesti Energia has criticized the new coalition program, which could see the energy giant carved up.

Äripäev reported today that Eesti Energia sent the Ministry of Finance a memo saying the detaching Electric grid operator Elektrilevi from Eesti Energia could mean the premature repayment of 938 million euros in loans. Transferring control over oil shale to a new state company could postpone investments and the state will receive less in dividends.

Finance Minister Jürgen Ligi said many of the plans mentioned in the program come from emotional considerations, not from calculations.

Head of the Eesti Energia supervisory board, Jüri Kao, said no private company would move ahead with such plans.

The Reform Party and the Social Democrats agreed to not restore renewable energy resource support payments to Eesti Energia for burning wood for energy. They would also cut financial incentives for burning trash for heat and electricity, and are analyzing and preparing divesting Eesti Rnergia of the Elektrilevi distribution grid and oil shale management.


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