"We're unfortunately in worse shape, and first and foremost in view of Finland," Vainola said in an appearance on Vikerraadio's "Vikerhommik" Tuesday morning. "Finland bet too much on its third Olkiluoto [Nuclear Power Plant] reactor. That's also why those coal-fired plants weren't maintained or repaired, and significantly more controllable production capacity in Finland has been withdrawn from the market before new capacities have entered the market."

According to the head of the Estonian state-owned Eesti Energia subsidiary, the situation is largely the same in the Baltics as well.

"So the situation isn't better [than two years ago]; the situation is rather worse," he admitted.

He stressed that he is doing his best to inform consumers and the company's sole shareholder – the Ministry of Finance – about the situation.

"By the bye, we're also currently negotiating with the Finance Ministry about building a new, natural gas-based additional controllable production capacity on the property of Baltic Power Plant within the next 3-5 years that could also run on biogas as well as hydrogen," Vainola said. "The need is enormous; such cold weather, peak consumption, such energy deficits even in Finland only confirm that this is necessary, that it needs to materialize, that it needs to get done in the near future."

The Enefit Power executive also said that the burning of oil shale for electricity production will be ended in any case, however that doesn't also mean an end to oil shale mining, as oil shale is increasingly being utilized in the chemical industry as well.

He noted that their newest oil shale-fired plant in Auvere has been online since December 7, and that the company intends to further improve the plant, which has been down frequently due to failures, with the aim of it being operational at least 90 percent of the time.

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