Estonia’s state-owned energy group, Eesti Energia, reported sales revenue of EUR 416.1mn in the second quarter of 2023, which was almost unchanged from EUR 416.6mn a year earlier. Revenue outside Estonia accounted for 63% of total sales. The group’s quarterly adjusted EBITDA stood at EUR 115.7mn (up 45.0%) and adjusted net profit at EUR 50.6mn…
The Baltic electricity transmission system operators have signed an agreement on the synchronisation of the Baltic power grids with the continental European system, The Baltic Times reports. Under the agreement, Estonia’s Elering, Latvia’s Augstsprieguma Tikls (AST), and Lithuania’s Litgrid will disconnect from the Russian-controlled BRELL system and connect to the continental European grid in February…
Lithuania’s Foreign Ministry has handed in a diplomatic note to Belarus following the launch of the second power unit of the Belarusian Nuclear Power Plant (BelAES) in Astravyets, BNS reports. Lithuania urged Belarus not to operate the second unit until all safety problems have been resolved. The Foreign Ministry noted that Belarus had failed to…
US-based credit rating agency Fitch Ratings has reaffirmed Latvia’s sovereign credit rating at A-, which is unchanged from the previous rating in February 2023, LSM reports. At the same time, the agency revised its rating outlook from stable to positive. Fitch noted that Latvia had eliminated its dependence on Russian energy imports and reduced non-energy…
The Estonian Competition Authority (Konkurentsiamet) has approved a takeover of Tallinn’s municipal company, Tallinna Soojus, by private energy group Utilitas, ERR reports. Following the takeover, Tallinna Soojus and Utilitas will establish a new joint venture, Utilitas Tallinna Soojus, which will become the new parent company of Tallinna Soojus. Utilitas will own 66.66% and Tallinn municipality…
Residents of Bauska municipality in southern Latvia are worried about plans to build a large wind farm in Lithuania near the Skaistkalne sinkhole zone, LSM reports. Anita Rozentale, editor of the regional newspaper, Bauskas Dzive, said that the wind farm would be located only 1.2 km from the sinkhole area. There is a sinkhole zone…
The climate and energy ministers of the three Baltic States have agreed to bring forward the synchronisation of the Baltic power grids with the continental European system to February 2025, BNS reports. The national transmission system operators will now agree on the technical details, after which the prime ministers of the three countries will make…
Estonia’s Ministry of Climate has drawn up an updated national energy and climate plan that includes more ambitious renewable energy and climate neutrality targets, ERR reports. Under the plan, Estonia would produce all power from renewable energy sources by 2030 and be completely climate neutral by 2050. Climate Minister Kristen Michal asserted that the plan…
Lithuanian asset management firm Modus Asset Management’s Clean Energy Infrastructure Fund will acquire Estonian renewable energy company Evecon’s solar farm portfolio in Latvia for an undisclosed sum, The Baltic Times reports. The portfolio consists of ten ground-mounted solar farms with bifacial solar panels and a total installed capacity of 55 MW. The portfolio is close…