Eesti Energia Strategy Update

Eesti Energy Supervisory Board has confirmed the Group`s strategic action plan for the period 2022-2026. Compared to previous strategy more focus has been allocated to renewable electricity and reducing carbon footprint on home markets from Finland to Poland. Previous strategy included the addition of 600MW of wind and solar parks by 2025 which takes the total installed capacity to 1100MW. The updated strategy includes a 4-time increase from the current installed capacity to 1900MW by 2026. In addition to the currently under construction wind and solar parks in the capacity of 226MW, by the end of 2026 the Group expects to commission ca 600MW of wind parks in Estonia and Lithuania, and ca 600MW of solar parks in Baltics and Poland. During the period of 2022-2026 Eesti Energia intends to invest ca 2 billion euros to development projects, which to a large extent (in the amount of 1.5 billion euros) comprise of wind and solar park developments carried out by the Tallinn Nasdaq Stock exchange listed majority owned subsidiary Enefit Green. In 2026 the Group aims to produce renewable electricity in the amount of 5 TWh compared to 1.5TWh in 2021. Distribution segment’s goal is to enable Estonian micro producers, mainly new solar capacities, to join the distribution network. At the end of nearly 12 000 PV producers with a capacity of 385MW were connected to the distribution network. By the end of 2026 the target is 1100MW of connected production capacity to the distribution network.