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Elektrum Eesti has signed an agreement to acquire shares with three locals Estonian companies, thus continuing the expansion in the Baltic market. Through the acquisition of Estonian micro-grid companies, Elektrum Eesti intends to continue its operations, mainly as a basis for the development of new products and services in the field of microgeneration and electromobility. Micro-grid companies, which own independent substations with their customers, currently manage 53 MW of electricity connections, transporting almost 80 GWh of electricity per year.
This is an active summer in the Baltic electricity market and, as in other sectors, everything here indicates the economic recovery, says Uldis Mucinieks, Commercial Director of Latvenergo AS, adding that the development of fundamentally new business lines for the industry is one of ”Development strategy in the home market in the Baltic States and the company is already looking beyond its borders.
The acquisition of three companies, Energiaturu Võrguehitus OÜ, SNL Energia 1 OÜ and Baltic Energy System OÜ, will take effect with the consent of the Estonian competition authorities. By agreement of the parties, the transaction price is not disclosed.
Elektrum Eesti OÜ is an electricity trading company that offers electricity, natural gas, solar energy and electric car charging solutions, as well as energy efficiency and residential energy management solutions. Elektrum Eesti belongs to the Latvenergo Group. Its companies serve 740 thousand. customers in the Baltic States, and 60% of the Group’s energy production comes from renewable energy sources. Elektrum has been operating in Estonia since 2007.
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