The Supervisory Council of Eesti Energia decided not to renew Sutter's contract, which expires on March 31 next year.

Sutter has been in the post since December 1 2014 and his contract has been extended twice during that time.

Supervisory board chair Anne Mere said:  "Under the leadership of Hando Sutter, Eesti Energia has undergone ground-breaking changes: It has developed customer-friendly energy solutions, invested in renewable energy production both in Estonia and in neighboring countries, continued the oil shale valorization (an appreciation in value in relation to labor applied, actually a term derived from Marxism - ed.) process, and developed the company's management processes and internal efficiency.

"We would like to thank him for his great commitment and results," Mere went on, via a company press release.

Sutter himself said: "The current time in the energy sector is stormy in many ways. Eesti Energia continues to undergo rapid changes as well. I have had the privilege of leading this journey for eight years, with a great team. A particularly difficult winter lies ahead, and early clarity about the new chairman will help to hand the baton over smoothly. I will give my best until my last day at work."

All other board members, including Andri Avila, Raine Pajo, Margus Vals and Agnes Roos, will see their contracts expire at the same time as Sutter's.

Sutter's replacement is expected to fulfill Eesti Energia's goal of providing Estonian business and private consumers with both market-based electricity and regulated electricity as of the situation in October 1 this year, and to continue to grow in export markets, while the energy security picture must also remain in focus.

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