The Estonian state-owned energy company Eesti Energia has received €584,950 in state funding to develop its 225 MW pumped-storage hydroelectric power plant, located in an industrial area of the county of Ida-Virumaa (northeast Estonia), on the site of a now closed oil shale mine.
The preliminary design for the plant is expected to be completed by the end of 2023 and the final investment decision should be made in the first half of 2024. The plant is planned to begin commercial operations in 2026.
Eesti Energia dominates the Estonian power sector with 1.9 GW of installed capacity in 2020 (2.6 GW for the whole country), as well as with over 85% of generation, 95% of distribution, and around 60% of total sales. It is also the country’s main oil shale producer.
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