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International Internet Magazine. Baltic States news & analytics Wednesday, 22.05.2019, 22:10

Fortum sells its stake in the gas grid to Elering

BC, Tallinn, 10.11.2014.Print version
Estonian state-owned electricity grid operator Elering AS signed on Monday an agreement with Fortum Heat and Gas Oy to acquire 51.38% of AS Võrguteenus Valdus, which guarantees Elering starting 1 January 2015 the management control over the natural gas system operator, LETA/Postimees Online reports.

The cost of the transaction is EUR 27.5 million.


Võrguteenus Valdus is a holding company created at the beginning of 2014, the sole activity of which is owning 100% shares of natural gas main grid company, system operator AS EG Võrguteenus.


For the transaction to take effect from the beginning of 2015, several preconditions must be met. The Competition Board is required to issue a permission to concentrate, because Elering acquires control over the company.


The Ministry of the Interior is required to confirm that Elering meets the internal security conditions set in the natural gas law for the main grid owner. It is also necessary to get approval from other shareholders of Võrguteenus Valdus that they do not use the pre-emptive right to acquire Fortum's shareholding. Parties to the transaction aim to meet the prerequisites by the end of this year, so that the shareholding could be transferred to Elering from the beginning of 2015.


37% of the gas grid belongs to Gazprom, 10% to Itera Latvija and the remaining 1.6% to minority shareholders.


The transaction does not affect the gas transmission service tariff.

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