OREANDA-NEWS. September 10, 2009. Supervisory Board of Eesti Energia conditionally approved the resolution to sell the transmission system operator Elering OU to the Government of Estonia. Eesti Energia will sell Elering OU for at least 2.093 billion kroons (appr. EUR 133.8 million), reported the press-centre of Eesti Energia.

The goal of the separation of Elering OU, Estonia’s TSO, is to conform with European Union requirements that TSOs be independent from production and sales activity as well to establish the conditions for the creation of an electricity market in Estonia.

The price for the shares of Elering OU was derived from the company’s book value of net assets as at 31 July 2009. The company’s sale will not damage the financial or investment capacity of Eesti Energia AS or Elering OU. The transaction can be completed by the end of the year if necessary approvals will be received from the European Investment Bank and the Nordic Investment Bank

Elering OU is an energy transmission company which connects Estonia’s biggest power plants, distribution networks and major consumers with the energy systems of the Baltic States, Nordic countries and Russia. The transmission network operator Elering is responsible for the operating reliability of the entire Estonian power system. The company has been charged with the task of managing and co-ordinating the co-operation between the different parts of the power system, ensuring reliability of supply and high-quality operation.