Annual Report 2012

Total Page:16

File Type:pdf, Size:1020Kb

Annual Report 2012 Annual Report 2012 Aastaaruanne 2012 Kaane kujundus alles tuleb Creating New Energy! We will release the Group’s consolidated interim reports for the financial year 2013 as follows: Corporate • 1st quarter – 30 April 2013 Social Responsibility 2012 • 2nd quarter – 31 July 2013 • 3rd quarter – 31 October 2013 The audited results for the financial year 2013 will be released on 28 February 2014 Click here to read the Corporate Social Responsibility Report www.energia.ee/en/investor Contents Address by the Chairman of the Management Board 5 In Brief 7 Strategy 11 Business Environment 15 Financial Results 22 Environment 45 Corporate Governance 49 Consolidated Financial Statements 71 Consolidated Financial Statements Consolidated Income Statement 71 23 Trade and Other Payables 131 24 Deferred Income 131 Consolidated Statement of Comprehensive Income 72 25 Provisions 132 26 Revenue 134 Consolidated Statement of Financial Position 73 27 Other Operating Income 134 Consolidated Statement of Cash Flows 74 28 Raw Materials and Consumables Used 135 29 Payroll Expenses 135 Consolidated Statement of Changes in Equity 75 30 Other Operating Expenses 136 31 Net Financial Income (-expense) 136 Notes to the Consolidated Financial statements 76 32 Corporate Income Tax 136 1 General Information 76 33 Cash Generated From Operations 137 2 Summary of Principal Accounting and Reporting Policies 76 34 Off-balance Sheet Assets, Contingent Liabilities and Commitments 137 3 Financial risk management 97 35 Assets and Liabilites of Disposal Group Classified as Held for Sale 139 4 Critical accounting estimates and assumptions 104 36 Disposal of Subsidiaries 139 5 Segment reporting 106 37 Business Combinations and Other Business Entities Acquired 140 6 Property, Plant and Equipment 112 38 Earnings Per Share 143 7 Operating Lease 114 39 Related Party Transactions 143 8 Intangible Assets 115 40 Events After the Reporting Period 144 9 Investments in Associates 117 41 Financial Information on the Parent Company 144 10 Inventories 119 11 Division of Financial Instruments by Category 119 12 Trade and Other Receivables 121 13 Derivative Financial Instruments 123 Independent Auditor’s Report 149 14 Credit Quality of Financial Assets 125 15 Available-for-sale Financial Assets 126 Profit Allocation Proposal 150 16 Financial Assets at Fair Value Through Profit or Loss 126 17 Deposits at Banks with Maturities of More than 3 Months 127 18 Cash and Cash Equivalents 127 19 Share Capital, Statutory Reserve Capital and Retained Earnings 128 20 Dividends Per Share 129 21 Hedge Reserve 129 22 Borrowings 129 Contents Dear readers, We can be proud of our excellent financial results despite the economic recession that has now lasted several years. Our EBITDA increased by 5% amounting to 278 million euros. distant future are more conservative than before. It is crucial to We can say that the previous year was good for us in many ways, have the flexibility to exploit the oil shale in economically most although our operating environment saw significant changes. feasible operations. As of today the sales of liquid fuels is growing while the profitability of electricity is in decline. Estonian electricity Group´s operating profit for the financial year was lower than market is open and as a country with strong external connections 2012 in recent years. It is crucial to note though that impairment of we are free to produce electricity and oil in proportions most our power generation assets does not impact the Group´s cash beneficial to us. flow for the year. The competitive position of the Group´s power generation assets partly depends on circumstances beyond our Our investments reached an all-time record in 2012 and several control such as changes in certain legal acts and price fluctua- major projects will soon be completed. To make electricity gene- tions on the power exchange. Oil shale resource fees increased ration profitable in circumstances where the market price is low, unexpectedly from 2013 and we stopped using biomass at the we have diversified our production portfolio. We commissioned Balti power plant in October following the publication of draft two major wind parks in Paldiski and Narva and opened our amendments to the Electricity Market Act. As a result, our elect- first CHP plant outside Estonia, in Valka. The installation of new Eesti Energia Annual Report Address by the Chairman of Management Board ricity generation profitability forecasts for 2013 and for the more desulphurisation equipment on the oldest generating units of 5 Contents Eesti power plant helped us to reduce the SO2 emissions more with over 400,000 customers trusting Eesti Energia as their first than two times and allows us to keep the electricity generation open-market electricity seller. Although we have experience in capacity largely unchanged,while meeting environmental requi- selling electricity on the open market and have also seen success rements. To fund the investment program we successfully issued in the latter, we still need to make an even stronger effort than new Eurobonds to international bond investors (issue size 300 before in getting to know our customers. Every market has its million euros), while the state decided to increase the company’s own distinct characteristics and can produce surprises. We will equity by 150 million euros. work to face the new circumstances with an open mind and a thirst for knowledge. The new Enefit280 oil plant produced the first barrel of shale oil shortly before the end of the year, and is expected to signi- We expect moderate growth in revenues and EBITDA in 2013. ficantly increase our revenues from liquid fuel sales in 2013. The As the market opening implies higher volatility in electricity sales new oil plant will double our existing oil production capacity. As profitability, we expect the newly commissioned oil plant to help the profitability of producing shale oil out of oil shale is higher us maintain strong results. We also expect the distribution network compared to power generation, higher capacity will contribute subsidiary to continue to achieve good results. In addition, the new to maintaining our strong financial results The Enefit280, with CHP plant in Paide and the first waste-to-energy unit in Estonia its unique world-class technology, has proven itself and has generating electricity and heat will be opened in Iru. been a huge achievement. However, our quest is far from over as major research and development needs to be performed to implement this technology in other areas of the world. Properties of oil shale in different regions vary greatly and we need to be flexible to maximize its value. We will proceed with our projects in Utah, USA, and in Jordan. The investments will decrease this year due to the completion of several projects, but we will continue to seek the right moment for new investment decisions. We are glad to note that the state Sandor Liive has expressed its intent to further support the implementation Eesti Energia, of our investment plan. Chairman of the Management Board 2012 This year has commenced differently for Eesti Energia. All elect- ricity consumers in Estonia can now choose the electricity seller of their liking. We are happy that a large number of customers in Estonia decided in favour of signing an electricity contract, Eesti Energia Annual Report Address by the Chairman of Management Board 6 Contents In Brief Eesti Energia is an international energy company operating in under the name of Enefit. Our unique experience in processing the unified energy market of the Baltic and Nordic countries. oil shale and our skills and technology are held in high regard 100% of the shares of Eesti Energia are owned by the Republic around the world. Oil shale resource belonging to Eesti Energia of Estonia. in Estonia, Jordan and the US are estimated at 11 billion tonnes. With over 7,500 employees, Eesti Energia is one of the largest Eesti Energia sells its customers electricity, network services, employers in Estonia. liquid fuels and other related products. Internationally, we operate REVENUES EBITDA NET PROFIT INVESTMENTS 868.5 million euros 278.4 million euros 76.9 million euros 513.5 million euros +1.3% +5.0% (48.5)% +1.12% 2012 CREDIT RATING SALES OF ELECTRICITY SALES OF NETWORK SERVICES SALES OF LIQUID FUELS BBB+/Baa1 10.0 TWh 6.4 TWh 189.2 th t stable / negative* outlook (6.4)% +3.2% +15.3% Eesti Energia Annual Report In Brief 7 * Changed in January 2013 Contents Key Events in the Increase of share capital by 150 million euros to 2012 Financial Year 621.6 million euros through monetary payment. The European Commission approved Estonia’s application for the allocation of free emission allowances for 2013–2020. This enables Estonia to allocate Eesti Energia 18 million tonnes of free allowances for the partial finan- cing of the construction of the Auvere power plant. Sale of 100% subsidiary, Televõrk AS to Issue of 300 million euro 4.25% notes Tele2 Eesti. The value of the transaction was due in 2018. 25 million euros. January February March April May June July August September October November December Start of hot commis- Project to install First barrel of shale oil produced in Enefit280 oil plant. sioning of the approximately Enefit280 oil plant. 630,000 smart meters by 2017 We started selling open market in cooperation with electricity packages in late Call for the construc- Ericsson Eesti, is September. By the end of the 2012 tion tender for the launched. financial year we had concluded Jordan oil shale fired around 408,000 contracts power plant. covering approximately 58% of all supply points in Estonia. Completion of Completion of Narva Paldiski wind park- wind park construc- construction with tion with annual annual production production capacity capacity of 22.5 MW.
Recommended publications
  • EMD Oil Shale Committee
    EMD Oil Shale Committee 2017 EMD Oil Shale Committee Report Justin E. Birdwell (Chair), U.S. Geological Survey November 29, 2017 Vice-Chairs: • Gerald Daub (Vice-Chair: Industry), Daub & Associates, Inc. • Dr. Lauren Birgenheier (Vice-Chair: University), University of Utah • Michael D. Vanden Berg (Vice-Chair: Government), Utah Geological Survey Advisory Group: • Dr. Alan K. Burnham, Stanford University • Dr. Jeremy Boak, Oklahoma Geological Survey, University of Oklahoma • Mr. Ronald C. Johnson, U.S. Geological Survey Special Consultants to the Committee: • John Parsons, QER Pty Ltd • Gary Aho, Sage Geotech • Indrek Aarna, Eesti Energia • Rikki Hrenko-Browning, Enefit American Oil • Ryan Clerico, Enefit American Oil • Alex Bocock, Red Leaf Resources • Christopher Hopkins, Canshale Corp. • Steven Kerr, Millcreek Mining Group • Steven Odut, Thyssenkrupp • Pierre Allix, Total S.A. EXECUTIVE SUMMARY Low oil prices continue to hamper oil shale development around the world. Although new production capacity in Estonia and China has come online recently, efforts in other places are on indefinite hiatus or are well behind schedule relative to what was anticipated just a few years ago. The current status remains in flux, and recent developments in conventional and unconventional crude oil plays in the United States and elsewhere indicate this will not change anytime soon. Oil shale continues to be mined processed in China and Brazil, but production updates for 2016 were not available as of the preparation of this report. In Estonia, Eesti Energia (Enefit) continued development of their co-generation Auvere power plant that is designed to utilize both oil shale and other fuel sources (wood chips, peat, gas).
    [Show full text]
  • Secure Fuels from Domestic Resources ______Profiles of Companies Engaged in Domestic Oil Shale and Tar Sands Resource and Technology Development
    5th Edition Secure Fuels from Domestic Resources ______________________________________________________________________________ Profiles of Companies Engaged in Domestic Oil Shale and Tar Sands Resource and Technology Development Prepared by INTEK, Inc. For the U.S. Department of Energy • Office of Petroleum Reserves Naval Petroleum and Oil Shale Reserves Fifth Edition: September 2011 Note to Readers Regarding the Revised Edition (September 2011) This report was originally prepared for the U.S. Department of Energy in June 2007. The report and its contents have since been revised and updated to reflect changes and progress that have occurred in the domestic oil shale and tar sands industries since the first release and to include profiles of additional companies engaged in oil shale and tar sands resource and technology development. Each of the companies profiled in the original report has been extended the opportunity to update its profile to reflect progress, current activities and future plans. Acknowledgements This report was prepared by INTEK, Inc. for the U.S. Department of Energy, Office of Petroleum Reserves, Naval Petroleum and Oil Shale Reserves (DOE/NPOSR) as a part of the AOC Petroleum Support Services, LLC (AOC- PSS) Contract Number DE-FE0000175 (Task 30). Mr. Khosrow Biglarbigi of INTEK, Inc. served as the Project Manager. AOC-PSS and INTEK, Inc. wish to acknowledge the efforts of representatives of the companies that provided information, drafted revised or reviewed company profiles, or addressed technical issues associated with their companies, technologies, and project efforts. Special recognition is also due to those who directly performed the work on this report. Mr. Peter M. Crawford, Director at INTEK, Inc., served as the principal author of the report.
    [Show full text]
  • Nordic HVDC Interconnectors' Statistics 2013
    European Network of Transmission System Operators for Electricity NORDIC HVDC UTILIZATION AND UNAVAILABILITY STATISTICS 2013 03.11.2014 REGIONAL GROUP NORDIC ENTSO-E AISBL • Avenue Cortenbergh 100 • 1000 Brussels • Belgium • Tel +32 2 741 09 50 • [email protected] • www.entsoe.eu European Network of Nordic HVDC Utilization and Unavailability Statistics 2013 Transmission System Operators for Electricity 1 SUMMARY ........................................................................................................ 3 2 INTRODUCTION AND BACKGROUND .................................................................... 4 3 SCOPE ............................................................................................................. 5 4 METHODS, DEFINITIONS AND CALCULATIONS ...................................................... 6 5 TECHNICAL DETAILS OF THE HVDC LINKS ........................................................ 10 6 PRESENTATION OF THE RESULTS FOR 2013 ..................................................... 11 6.1 OVERVIEW ............................................................................................................................ 12 6.2 SEPARATE PRESENTATIONS OF ALL LINKS ................................................................................ 14 6.2.1 BALTIC CABLE HVDC LINK ..................................................................................................... 15 6.2.2 ESTLINK 1 HVDC LINK ..........................................................................................................
    [Show full text]
  • Methodology for Calculating Nordic System Price
    Nordic System Price Methodology for calculation Nordic System Price Methodology REVISION HISTORY: REVISION DATE DESCRIPTION OF CHANGES REQUESTED BY NO. 1.0 1.1.2020 Initial release Camilla Berg 1.1 1.5.2020 Added sections on review and on procedure for cessation 1.2 15.8.2020 Updated with new name Nord Pool EMCO 1.3 5.11.2020 Updated with Nord Link Cable Hans Randen 2 Nordic System Price Methodology Table of Contents 1. INTRODUCTION .......................................................................................................................4 1.1 PURPOSE AND SCOPE ............................................................................................................4 1.2 REVISIONS ...........................................................................................................................4 2. DETERMINATION OF SYSTEM PRICE.....................................................................................5 2.1. THE RELATED DAY-AHEAD MARKET AND RELEVANT REGULATION.............................5 2.2. DEFINITION AND DESCRIPTION ..........................................................................................5 2.3. CURRENCY ...........................................................................................................................6 2.4. INPUT DATA FOR NORDIC SYSTEM PRICE ........................................................................7 2.5. SYSTEM PRICE CALCULATION ...........................................................................................8 3. DAILY PROCEDURE FOR CALCULATION
    [Show full text]
  • Aastaaruanne 2017 (PDF)
    EESTI ENERGIA AASTAARUANNE 2017 ContentsSisukord Juhatuse esimehe pöördumine 3 Eesti Energia konsolideeritud raamatupidamise aastaaruanded 106 Lühidalt Eesti Energiast 7 Konsolideeritud kasumiaruanne 108 Kontserni tegevus- ja finantsnäitajad 11 Konsolideeritud koondkasumiaruanne 109 Tähtsamad sündmused 2017. aastal 12 Konsolideeritud finantsseisundi aruanne 110 Tegevuskeskkond 13 Konsolideeritud rahavoogude aruanne 111 Strateegia 22 Konsolideeritud omakapitali muutuste aruanne 112 Hoolime oma klientidest 33 Konsolideeritud raamatupidamise aastaaruande lisad 113 Hoiame keskkonda 39 Anname ühiskonnale tagasi 48 Audiitori aruanne 186 Meie inimesed 53 Kasumi jaotamise ettepanek 193 Maksujalajälg 61 Sõnastik 195 Ühingujuhtimine 65 Investori informatsioon 196 Riskijuhtimine 78 Majandustulemused 83 Elektrienergia 85 Võrguteenus 88 Vedelkütused 90 Muud tooted ja teenused 92 Rahavood 94 Investeeringud 97 Finantseerimine 101 2018. aasta väljavaade 104 Juhatuse esimehe Eesti Energia aastaaruanne 2017 3 pöördumine Hea lugeja! Tegevuskeskkond meie ümber on suurtes muutustes. Ollakse arusaamisel, et energiatootmine peab puhtamaks muutuma. Samal ajal tiheneb konkurents kõigis valdkondades, kus Eesti Energia tegutseb: ka meie viimane reguleeritud tegevusala – võrguteenus – on aina enam muutumas konkurentsiäriks. Et suudaksime tegevuskeskkonnas toimuvate muutustega toime HANDO SUTTER I Juhatuse esimees tulla ja konkurentsis püsida, vaatame igal aastal üle Eesti Energia strateegilise tegevuskava. 2017. aastal uuendasime kasvule ja puhtamale energiale suunatud
    [Show full text]
  • Interstate DC Line Performance Assessment Methods
    Interstate DC Line Performance Assessment Methods Mario Turcik, Artjoms Obushevs, Irina Oleinikova Institute of Physical Energetics, Laboratory of Power System Mathematical Simulation market and ensure process of market development. Abstract--The Article is focused on interconnection of power Furthermore, Nordel provide opportunity for cooperation systems via High Voltage Direct Current (HVDC) submarine between TSOs in Nordic and transmission system operators cables, its transmission capacity allocation and utilization. out of Association what makes a contribution to a numbers of Sufficiency of transmission capability on market formation and physical interconnections between the Nordel region and operation are investigated as well as role of Power Exchange (PX) and trading principles for HVDC interconnections. Model of neighboring countries. Due to harmonization of rules and Nordic power system and PX data are used for legislation in different counties associated in Nordel was technical/economic calculation and analysis based on market formulated common code for Nordic grid – The Nordic Grid areas price differences and power flows through inter-state Code (NGC). The NGC consists of four main Articles: 1) connections. Planning Code, 2) Operational Code (System Operation Agreement), 3) Connection Code 4) Data Exchange Code Index Terms-- Electricity market, HVDC technology, power flow. (Data Exchange Agreement between the Nordic transmission system operators (TSOs) The purpose of the Nordic Grid Code is to achieve coherent and coordinated Nordic operation and I. INTRODUCTION planning between the companies responsible for operating the transmission systems, in order to establish the best possible Cooperation between Transmission System Operators conditions for development of a functioning and effectively 1 (TSOs) of interconnected countries Norway, Sweden, Finland integrated Nordic power market.
    [Show full text]
  • 20120316 Eesti Energia Roadshow Presentation Final
    Eesti Energia Investor Presentation 19 March 2012 Disclaimer This presentation and any materials distributed or made available in connection herewith (collectively, the “presentation”) have been prepared by Eesti Energia AS (the “Company”) solely for your use and benefit for information purposes only. By accessing, downloading, reading or otherwise making available to yourself any content of the presentation, in whole or in part, you hereby agree to be bound by the following limitations and accept the terms and conditions as set out below. You are only authorized to view, print and retain a copy of the presentation solely for your own use. No information contained in the presentation may be reproduced, redistributed or the contents otherwise divulged, directly or indirectly, in whole or in part, in any form by any means and for any purpose to any other person than your directors, officers, employees or those persons retained to advise you, who agree to be bound by the limitations set out herein. The presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or of any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or of any member of its group, nor any other contract or commitment whatsoever. Any person considering the purchase of any securities of the Company must inform himself or herself independently before taking any investment decision.
    [Show full text]
  • Comments – Enefit American Oil Utility Corridor Project DEIS
    June 14, 2016 Vernal Field Office, BLM Attn: Stephanie Howard 170 South 500 East Vernal, UT 84078 RE: Comments – Enefit American Oil Utility Corridor Project DEIS Reviewers: Thank you for the opportunity to provide comments on the Enefit American Oil (Enefit) Utility Corridor Project, DOI-BLM-UT-G010-2014-0007-EIS (Utility Corridor DEIS). We appreciate your time, and attention to this issue. We are submitting these comments on behalf of the Grand Canyon Trust, Living Rivers, Sierra Club, Southern Utah Wilderness Alliance, Western Resource Advocates, the WaterKeeper Alliance, American Rivers, the Natural Resource Defense Council, the Center for Biological Diversity, The Wilderness Society, Utah Physicians for a Healthy Environment, the Science and Environmental Health Network, Wildearth Guardians, and Earthjustice (on behalf of the Grand Canyon Trust). I. Introduction The purpose of the proposed rights-of-way is to promote an unprecedented and uniquely destructive project in the Upper Colorado River Basin. Enefit’s “South Project,” located in northeastern Utah near the White and Green Rivers, will attempt to take a pre-petroleum found within rock – oil shale – bake it at high temperatures, and turn it into a liquid synthetic crude oil. Enefit hopes to produce 50,000 barrels a day at the facility for 30 years. With the subsidy of rights-of-way over federal public land for power, fuel, water, and roads, Enefit plans to: - build a half-square mile industrial complex in the desert – the first commercial-scale oil shale operation in the United
    [Show full text]
  • SOCIAL RESPONSIBILITY and SUSTAINABLE DEVELOPMENT REPORT 2008-2009 VKG – the Biggest Estonian Manufacturer of Shale Oils and Chemicals
    VIRU KEEMIA GRUPP JSC SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT REPORT 2008-2009 VKG – The Biggest Estonian Manufacturer of Shale Oils and Chemicals Viru Keemia Grupp, established KEY EVENTS, 2008-2009 VKG obtained a research and mining license The year 2009 was difficult for the enterprise in 1999, belongs to the biggest chemical for 350 mln tons of oil shale in Boltyski comparing to previous years: many enterprises in Estonia producing and deposit in Ukraine. investments have been postponed, such as construction of a cement plant and a new marketing shale oils. May, 2008 – the first sulphur recovery unit at turbine generator set. But due to this fact VKG Energia started its operation. Its price the construction of Ojamaa mine could start amounted to appr. 150 mln kroons. and the new oil shale processing plant could be inaugurated. The present sustainable development December, 2009 – construction of a new oil shale processing plant was completed. report has been published for the first time This plant will increase the enterprise`s performance by 40 % in 2010. in the history of the enterprise. Construction of a slant shaft has been We would like to bring into focus the started at Ojamaa mine. importance of environment protection and regional development in the activity Thous. kroons 2006 2007 2008 2009* 2010 forecasT of our enterprise. sales revenue 1 503 614 1 787 066 2 057 776 1 667 275 2 000 000 commercial profit 307 308 330 821 295 830 188 447 360 000 net profit 299 027 293 924 230 625 120 676 300 000 * Non-audited data 3 SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT REPORT 2008-2009 sales revenue by services, 2009 During these last seven years Viru Keemia Grupp has spent over 900 mln kroons invested in environment protection and operational safety, as well as appr.
    [Show full text]
  • Legislative Hearing Committee on Natural Resources U.S
    H.R.l: ‘‘AMERICAN-MADE ENERGY AND INFRASTRUCTURE JOBS ACT’’; H.R.l: ‘‘ALASKAN ENERGY FOR AMERICAN JOBS ACT’’; H.R.l: ‘‘PROTECTING INVESTMENT IN OIL SHALE: THE NEXT GENERATION OF ENVIRONMENTAL, ENERGY, AND RE- SOURCE SECURITY ACT’’ (PIONEERS ACT); AND H.R. l: COAL MINER EMPLOY- MENT AND DOMESTIC ENERGY INFRA- STRUCTURE PROTECTION ACT.’’ LEGISLATIVE HEARING BEFORE THE SUBCOMMITTEE ON ENERGY AND MINERAL RESOURCES OF THE COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION Friday, November 18, 2011 Serial No. 112-85 Printed for the use of the Committee on Natural Resources ( Available via the World Wide Web: http://www.fdsys.gov or Committee address: http://naturalresources.house.gov U.S. GOVERNMENT PRINTING OFFICE 71-539 PDF WASHINGTON : 2013 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 13:06 Mar 12, 2013 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 L:\DOCS\71539.TXT Hresour1 PsN: KATHY COMMITTEE ON NATURAL RESOURCES DOC HASTINGS, WA, Chairman EDWARD J. MARKEY, MA, Ranking Democratic Member Don Young, AK Dale E. Kildee, MI John J. Duncan, Jr., TN Peter A. DeFazio, OR Louie Gohmert, TX Eni F.H. Faleomavaega, AS Rob Bishop, UT Frank Pallone, Jr., NJ Doug Lamborn, CO Grace F. Napolitano, CA Robert J. Wittman, VA Rush D. Holt, NJ Paul C. Broun, GA Rau´ l M. Grijalva, AZ John Fleming, LA Madeleine Z.
    [Show full text]
  • Estonian Electricity System Security of Supply Report 2019
    ESTONIAN ELECTRICITY SYSTEM SECURITY OF SUPPLY REPORT 2019 Tallinn 2019 FOREWORD Where will electricity come from in Estonia in 2030? I have recently often been asked where electricity will come from if the Narva power plants are closed. It is clear that transmission lines do not generate electricity and, to generate electricity, there has to be a power plant somewhere on the same electricity market. In addition, sufficient connections from the power plant to consumption have to be built to transport electricity from and to consumers. Let it immediately be said that the Estonian electricity system has for a long time already no longer only been based on the Narva power plants and, bearing in mind our climate goals, the future of the security of electricity supply in Estonia is not oil shale-fired power plants. Even if the regrettable malfunction at the Balti substation near Narva in May had had an impact on the operation of the power plants of Eesti Energia, it did not pose any risk to the operation of the Estonian electricity system as a whole. The risk of one producer, one power plant, to the security of electricity supply in Estonia has reduced to an acceptable level by today. In Estonia, the consumption has recently been near 800 MW, of which that generated in Narva accounts for approximately 400 MW. Thus, the Estonian consumer’s security of electricity supply has to be analysed considering a more comprehensive picture of electricity generation and transmission lines than only Eesti Energia’s power plants or Estonia. We do that in everyday close cooperation with other electricity suppliers in Europe.
    [Show full text]
  • ELERING AS (Incorporated As a Public Limited Liability Company Under the Laws of the Republic of Estonia) €225,000,000 0.875 Per Cent
    PROSPECTUS ELERING AS (incorporated as a public limited liability company under the laws of the Republic of Estonia) €225,000,000 0.875 per cent. Notes due 2023 Issue price: 99.907 per cent. The €225,000,000 0.875 per cent. Notes due 2023 (the "Notes") are issued by Elering AS (the "Issuer"). The Issuer may, at its option, redeem all, but not some only, of the Notes at any time (i) at par plus accrued interest, in the event of certain tax changes, or (ii) at the Relevant Early Redemption Amount (as defined in, and all as further described under "Terms and Conditions of the Notes - Redemption and Purchase"). In addition, upon the occurrence of a change of control of the Issuer and, in certain circumstances, a related ratings downgrade (as further described under "Terms and Conditions of the Notes - Redemption at the Option of the Holders on a Change of Control") holders of the Notes may require the Issuer to redeem or, at the option of the Issuer, purchase (or procure the purchase of) the Notes at par plus accrued interest. The Notes mature on 3 May 2023. This document has been approved by the United Kingdom Financial Conduct Authority, in its capacity as the United Kingdom competent authority (the "UK Listing Authority") for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") and relevant implementing measures in the United Kingdom, as a prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the issue of the Notes.
    [Show full text]