Eesti Energia is investing 2.5 billion euros over five years, of which 1.5 billion euros will be used to build wind and solar parks and the rest to improve the reliability of the power grid and the industry in Ida-Virumaa.
Until 2026, Eesti Energia plans to invest 1.5 billion euros in constructing new wind and solar parks in the domestic market.
In the second quarter of 2022, the company invested €24.7 million in the power grid, €39.9 million in renewable energy projects, and €16.8 million in the Enefit 280 plant.
“Since the main problem today is that our region as a whole cannot generate electricity, the fastest and most beneficial solution for society in the current energy crisis is to invest in renewable electricity,” a spokesman for Eesti Energia explained to ERR. Matthias Kaiv.
He added that wind and solar parks are the cheapest and most environmentally friendly energy sources. The more there are, the less likely it is that more expensive and polluting power plants will enter the market, driving up prices.
“The problem is not only whether there is enough wind or sun, but also that the Baltic countries as a whole have too little renewable energy generation capacity,” Kaiv said.
In the case of wind and solar power, there may not be the best periods, but, as Kaiv explained, they can be covered with controlled capacities already available in the region.
Security of supply is also being improved by the development of storage technologies, as exemplified by a company representative citing a planned pumped hydroelectric power plant; consumer interest in storage technologies is also growing.
The rest of the 2.5 billion euros is planned to be invested in the electricity grid to improve its reliability and enable an increasing number of small producers to join it, as well as in the sustainable industry of Ida-Virumaa.
Kaive noted that the investment would create new jobs for people and valuable raw materials for the chemical industry from non-recyclable plastic and waste tires.