Elering AS takes Controlling Stake in Estonia's Gas TSO

Estonian electricity transmission system operator Elering AS has concluded a deal to buy the controlling stake in Estonia's gas transmission system operator from Finnish utility Fortum Heat and Gas OY.

The deal sees state-owned Elering take a 51.4 percent stake in AS Vorguteenus Valdus, which owns 100 percent of the Estonian gas transmission network operator AS EG Võrguteenus for 27.5 million euros ($34.3 million).

Other shareholders in AS Vorguteenus Valdus include Gazprom (37%) and Itera Latvija (10.017%).
           
State-controlled Fortum said that the sale was part of the company's efficiency programme launched in October 2012 aimed at the disposal of non-core assets.

The sale was also in line with the Directive 2009/73/EC of the European Parliament and of the Council and the Estonian Natural Gas Act that requiring ownership unbundling of natural gas transmission and gas sales.