Wednesday, October 5, 2022

HomeFinanceEesti Energia and European Energy sign largest PPA in the Baltics

Eesti Energia and European Energy sign largest PPA in the Baltics

Estonian energy company Eesti Energia has signed a power purchase agreement with Danish energy developer European Energy for 3.8 terawatts-hour (TWh) over 10 years starting in 2023. The agreement secures renewable energy to an equivalent of what is half of Estonia’s annual energy consumption

Eesti Energia is the leading renewable energy developer in the region through its subsidiary Enefit Green, but cooperation and long-term power purchase agreements with other developers allow the company to provide its customers with even greater amounts of clean energy.

“As an international energy company, our mission is to strive for smarter customer solutions and cleaner energy production,” said Margus Vals, Member of the Management Board in Eesti Energia. “We are constantly looking for new ways to grow our green energy portfolio. This is another landmark deal which helps our customers all over the Baltics to faster implement the green transition, choose renewable energy and fix electricity costs at a very good price point.” 

Power purchase agreements allow the customer to fix the electricity price on favourable terms for a long-term period. For Eesti Energia, interest in such a solution has exceeded all expectations. In 2021, over one hundred agreements have been signed with large companies all over the Baltics. The total volume sold by Eesti Energia to customers exceeds 2 TWh. The power will come from three wind farms that European Energy is constructing in Lithuania today.

“We are very happy to be able to deliver more renewable energy in the Baltics through our wind farms,” added Jonas Lau Forsberg Nihøj, Director of Energy Trading and PPA at European Energy. “This is to date the largest PPA signed in the region and we believe that the Baltic market is very keen on a green transition of its energy sector.” 

Eesti Energia’s strategic goal is to offer an excellent customer experience with the help of digital solutions and to reach 1 million customers in the Baltic Sea region by 2024.

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