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International Internet Magazine. Baltic States news & analytics Wednesday, 24.04.2024, 03:51

Eesti Energia to invest up to EUR 300 mln to improve efficiency

BC, Tallinn, 20.06.2016.Print version
Estonian state-owned energy company Eesti Energia is to invest 200-300 million euros in five years to increase the efficiency of the company's existing assets and the value of the final product, and in the course of the process the company is planning to reach earnings before interest, taxes, depreciation and amortization (EBITDA) worth 300 million euros, informs LETA/BNS.

"In recent years we have invested more than we have earned profit, therefore it is necessary to direct the assets into producing EBITDA as soon as possible. For that reason we are increasing the productivity of existing assets with costs as minimal as possible," CFO of Eesti Energia Andri Avila said on Monday at a press conference.

 

Investments until 2020 will total between 200 million and 300 million euros. "The number does not include the establishment of the possible new Enefit oil factory," Avila added.

 

One of the main strategies in the updated development plan is to increase the value-added of oil shale more than before and with that in mind the company will start producing fuel from oil shale gas in 2019.

 

The company is also planning to optimize its production activity, and invite large power consumers and server parks to Estonia. In addition, the company is reorganizing its management structure by merging different units.

 

Eesti Energia on Monday introduced its strategic development plan for 2016-2020. The plan is to be reviewed annually.





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