Eyes On Enefit Archives - Checks and Balances Project

Eyes on Enefit: Financially unstable and unprofitable, and not ready for prime time

2013-03-12

Over the past few weeks, we’ve examined Estonian oil shale company, Eesti Energia, known as Enefit in the U.S., to find out the real story on Estonian oil shale and how it could affect the American West. The outlook is grim. Even though Eesti Energia is widely considered the world’s leading oil shale firm and… Read more »

Eyes on Enefit: Conflicting Claims

2013-03-5

For over a century, conflicting claims have surrounded the rock called oil shale. Estonian oil shale company Eesti Energia, and its U.S. arm, Enefit, are no exception to this rule. Whether it’s company executives, other oil executives or financial experts, we’ve seen numerous inconsistencies about Enefit’s financial health, technological capability, impact on the environment, and… Read more »

2013-02-27

Eesti Energia, known as Enefit in the U.S., has been under fire from both the Estonian press and high-level Estonian officials for its poor investment record. As Raimo Poom, a columnist for Estonian publication Eesti Paevaleht wrote: “Eesti Energia’s plan to build up a huge shale oil industry raises a lot of questions; financing the… Read more »

2013-02-26

Contaminated groundwater, 600-foot high piles of oil shale waste that spontaneously ignite, and the emission of “lots of carbon dioxide”; all of this comes from a company that claims to be “highly dedicated to lessening the environmental impact of our production processes.” A look at the facts reveals that, despite its claims, Estonian oil shale… Read more »

2013-02-21

This blog is part of a series about Enefit, and Eesti Energia, covering the company’s financial outlook, background and status of its Utah project. History has shown that for more for more than a century, oil shale is not a commercially viable energy source in the U.S. Oil shale is actually a rock that doesn’t… Read more »

2013-02-20

This blog is part of a series about Enefit, and Eesti Energia, covering the company’s financial outlook, background and status of its Utah project. Despite posturing by Enefit’s corporate officers, internal documents and tests show that the company’s attempts to extract and process oil shale in Utah have run into trouble. Enefit Chairman Harri Mikk… Read more »

2013-02-19

This blog is the first in a series about Enefit, and Eesti Energia, covering the company’s financial outlook, background and status of its Utah project. Last month, the benchmark credit agency Moody’s downgraded the bond rating of the world’s largest oil shale company Eesti Energia, to negative. The downgrade is the second in just over… Read more »

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