Elering merges subsidiaries, becoming single electricity and gas united system operator

On Tuesday, 15 December 2015, Elering AS concluded a merger contract with its daughter firm AS Võrguteenus Valdus and its wholly owned subsidiary Elering Gaas AS. The merger will come into effect after decisions are taken at the joint general meeting and the relevant entries have been made in the Commercial Registry.

The conclusion of the merger contract was preceded by the transfer of 0.86 percent of Võrguteenus Valdus shares to Elering on 11 December, the result of which was the ownership of all Võrguteenus Valdus shares by Elering.

According to Chairman of the Elering Board, Taavi Veskimägi, the daily management and economic activities of the electricity and gas transmission networks will be undertaken jointly by Elering immediately from 1 January. On the same day, all Elering Gaas employees will be transferred to Elering, where they will continue their management of the gas transmission system.

Within the framework of the creation of a electricity and gas united system operator, Elering drew up a new strategy that will provide frameworks for the development of both fields. Among other things, the strategy sets out six important courses of action and objectives: initiative in the regional energy sector; continued development of the regional gas and electricity market; the most effective regional network; strong financial results; high assessment by customers and society; and attractiveness as an employer.

More information on the Elering strategy is available here.