Baltic, Energy, Energy Market, Estonia, Financial Services, Good for Business

"In Latvia we are ready to start selling natural gas as soon as they will confirm all binding tariffs and rules that make it possible to start preparing a bid. As Latvia's second biggest electricity seller we are also considering entering Latvia's market of domestic consumers," head of power sales at Eesti Energia, Karla Agan, said.

"We are also estimating optimistically our chances of launching natural gas sales for Lithuanian enterprises at the start of 2018. There are signs on the market that Gazprom should then stop offering special prices to some sellers and this would result in the gas market becoming more active. We believe that Eesti Energia's experience in natural gas sales provides us with necessary knowledge for being successful also in Lithuania," Agan said.

Eesti Energia's subsidiary Enefit SIA has more than 2,000 customers in Latvia and Enefit UAB has more than 900 customers in Lithuania. Both subsidiaries increased their customer portfolio by around 10% in a year. In 2016 Enefit's market share in Latvia and Lithuania was respectively 16% and 5%t. In all three Baltic countries the market share of Eesti Energia is 26%.

Last year Enefit's sales fell 10% to 47.8 mln euros in Latvia and 3% to 23 mln euros in Lithuania. At the same time both companies managed to end the year with a profit -- 900,000 euros and 2.2 mln euros, respectively.