June 21, 2017 / 10:00 AM / 7 months ago

Estonia's Eesti Energia starts power and gas sales in Poland

WARSAW, June 21 (Reuters) - Estonian energy company Enefit said it has started selling electricity and gas in Poland, as it seeks to expand its business beyond the Baltic states.

Enefit, a subsidiary of state-owned Estonian energy company Eesti Energia, said in a statement on Wednesday that it will sell power and gas, which it plans to buy on the Polish power exchange, to big industrial companies and small and medium sized firms in Poland.

“The start of operations in Poland is for us a natural step after achieving the position of one of the biggest power producers and sellers in the Baltic States,” Eesti Energia’s Chief Executive Hando Sutter said in the statement.

Poland’s power and gas market is dominated by state-run companies, including the biggest power producer PGE and dominant gas firm PGNiG, but some foreign companies have made inroads including Germany’s Innogy.

Eesti Energia has a 25 percent share of the Baltic states’ power market and provides 60 percent of the energy in Estonia alone. The company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 327 million euros ($364 mln) in 2016 on sales of 742 million euros. ($1 = 0.8973 euros) (Reporting by Agnieszka Barteczko; Editing by Susan Fenton)

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