Alstom wins new oil shale power plant tender

Eesti Energia agreed with Alstom on the conditions of the contract to build new power plant of up to two oil shale-fired power units (2 x 300 MW). Eesti Energia will invest approximately 950 million euros to the new power plant.

Eesti Energia and Alstom have agreed on the contract terms and the signing of the contract is expected in the beginning of 2011. Full notice to proceed will be given to Alstom once the state support scheme for new power plant has been approved. Eesti Energia has six months to decide, whether to give full notice to proceed to Alstom or to terminate the contract.

New power plant of up to two oil-shale fired power units (2 x 300 MW) equipped with circulating fluidised bed technology (CFB) will be built next to an existing Eesti Power Plant close to Narva. Investment to new power plant ensures more environmentally sustainable energy production in the future and necessary energy production capacity when some of the old power units have to be decommissioned. Completion of the first power unit is scheduled in the end of 2015. Investment decision on the second unit will be taken in 2012. Total cost of the power plant is approximately 950 million euros.

Veiko Räim
Head of Investor Relations and Treasury
Eesti Energia AS
Tel: +372 715 2884
Mobile + 372 5668 1568