We conducted a special audit of Eesti Energia and its subsidiaries, commissioned by the Ministry of Finance. Four areas were analysed, and 37 observations were made.
“We monitored the implementation of actions agreed upon in internal audits. To do this, we analysed documents, as well as explanations provided to us separately, and information obtained during interviews,” explained our partner Kadri Härginen, describing the methodology of the special audit.
The main violations were related to compliance with environmental requirements and financial risks – emissions from older oil plants and power stations exceeded the norms permitted by the integrated permit, and harmful hedging transactions had been made. There were also deficiencies in ensuring the reliability of the distribution network.
The report highlights that the governing bodies have breached their duty of care and taken unreasonable risks.
The audit, which covered the period from 1 January 2020 to 31 December 2023, was conducted jointly with Grant Thornton Baltic OÜ.
Our team
Our client team was led by partners Kadri Härginen, Carri Ginter and Karin Madisson, and senior associate Albert Linntam. The team also included senior associates Piret Schasmin, Marcus Niin, Kätlin Sehver, Liisa-Maria Puur and Heidi Rand; and associate Jaanika Alevi.
The final report of the special audit is available in Estonian on the Eesti Energia website.
