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's activity report 2022

The subsidiary VKG Energia was established on July 6, 2004. VKG Energia is part of the Viru Keemia

Group AS, whose sole owner is the group company VKG

Energy Production Ltd. The parent company of VKG Energy Production Ltd is Viru Keemia Group AS. VKG

OIL AS owned 100% of VKG Energia shares until 06.12.22. As a result of the division, VKG Energia was separated from the structure of VKG Oil AS.

On 23.02.2023, based on the merger agreement, VKG Energia and VKG

Energy Production Ltd merged. The business name of the merging companies after the merger is VKG

Energia. The balance sheet date of the merger is 01.01.2023.

VKG Energia includes a cogeneration plant, power grids, steam networks, north and lake water networks, a lime factory, and 3 devices for cleaning sulfur compounds from flue gases.

VKG Energia supplies heat to the district heating area of Kohtla-Järve city and Jõhvi parish.

The Competition Authority approved the decision no. 7-3/20122-272 on 19.12.2022 for VKG Energia Ltd for the limit price of heat production 32.35 EUR/MWh.

Major clients of VKG Energia include Gren Viru AS, Eastman Specialties

Ltd, VKG Oil AS, VKG Mines AS and VKG Power Grids Ltd.

VKG Energia's integrated management system complies with the requirements of international standards ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and ISO 50001:2018.

Business Activity

The reliability of VKG Energia's thermal power plant and all infrastructure is of great importance to the VKG Group. The group's oil production, surrounding chemical companies, and district heating networks require uninterrupted energy supply. As a provider of a vital service, the company's most important task is efficient and trouble-free service operation.

The Russian aggression in Ukraine that began in February 2022 led to an energy crisis throughout

Europe. Europe's desire to abandon Russian gas and oil has created a lot of uncertainty in the energy markets. In 2022, natural gas prices rose to a historically high level and since gas power plants determine the market price of electricity during peak hours, there was also a rise in electricity prices. A small reserve of natural gas and a high gas price increased the production of electricity from oil shale and coal, which in turn kept the demand and prices for CO2 emission quotas at a high level. In addition, the end of Russian electricity exports to Finland and the Baltic countries also boosted electricity prices.