Electrowatt-Ekono Oy (Finland), which is part of the Jaakko Pöyry Group's Energy business group, has won a service contract to restructure the Latvian energy sector. Awarded by the Government of Latvia, the project will be carried out by a consortium of five companies with Electrowatt-Ekono as consortium leader. The total contract value is EUR 3.1 million and will be financed by the Phare Pre-Ins Facility of the European Union. The project will be finished in November 2002. Electrowatt-Ekono will provide about 40 per cent of the consulting services, including project management and administration, as well as expertise in the fields of electricity and gas markets.
The project's objective is to assist the Government of Latvia in opening the gas and electricity market for competition and to increase local institutions' capacity to handle issues related to market liberalisation. Electrowatt-Ekono's wide experience of liberalised electricity and gas markets will be complemented with the knowledge of the other consortium members. The specific requirements and structure of the Latvian energy sector will be taken into account for the benefit of the Latvian economy. The assignment improves Electrowatt-Ekono's expert position in the field of liberalized energy markets and thus strengthens the company's competitive position in energy-sector consultancy services.
Electrowatt-Ekono is the trade name of Jaakko Pöyry Group's Energy business group. Jaakko Pöyry Group's net sales were EUR 475 million in 2000 and the company employs some 4600 people worldwide.
JAAKKO PÖYRY GROUP OYJ
Satu Lyytinen
Investor Relations