Estonia finalises plant sale to NRG

He said that NRG Energy had accepted all of the additional conditions of the Estonian government on the sale of 49 per cent of the two power plants in the eastern city of Narva which produce nearly all of the country's electricity. Parnoja did not reveal the terms of the deal or the price of electricity after the transaction, but when the Estonian government approved the deal last month it set a minimum purchase price at US$54.5 million (€59.4 million) with US$361 million dollars in investments to modernise the oil-shale plants. The Estonian government has been negotiating the sale of the two power plants to NRG Energy since 1996. The deal has run into strong opposition from local business leaders and managers of the power utility Estonian Energy, who say the terms are detrimental to the Estonian economy. Over the past several days opposition parties have collected the signatures of one in fourteen Estonians on a petition calling for the deal to be halted. Opposition parties have also submitted a bill into parliament to hold a referendum on the future of the power stations, and filed a suit in the courts to block the sale.

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