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The state-owned Estonian energy group Eesti Energia plans to invest 438 million euros in 2013 compared to the year-earlier 514 million euros.
Estonia's Eesti Energia plans to invest EUR 438 mln in 2013
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In 2014-2015 the total amount of investments decided by the group will continue to decrease and the main investment, apart from the base investments, will be the 300 megawatt power plant to be built at Auvere near the northeastern city of Narva, Eesti Energia said in its annual report that was published on Friday.
An investment not yet decided but being considered by Eesti Energia is building additional liquid fuel production capacities at Auvere on the basis of the new Enefit280 technology and also the construction of a shale oil refinery. "The business prerequisite for the next investment decisions is the achievement of sufficient reliability of the new Enefit280 oil plant in 2013 and cost-effectiveness of the projects," the report said.
Given the group's current debt capacity, additional investment decisions most likely depend on addition of equity. If no equity is added such investment decisions may be postponed into far away future, Eesti Energia said.