Utah’s hopeful oil shale miner, Enefit, (aka Estonian Energy) suffers a painful credit rating decrease.

“Moody’s said that the rating action reflects the development of Eesti Energia’s business risk profile in light of the increasing integration of the Baltic and Nordic power markets, coupled with generally weak levels of wholesale power prices and CHALLENGES ASSOCIATED WITH THE DEVELOPMENT OF OIL SHALE ACTIVITIES.”

It looks increasingly unlikely that Enefit is able of borrowing what it would need to start oil shale production in the US. Utahns should take note that Rikki Hrencko and the Enefit crew are taking us for a ride–a very costly ride.

We’d like to think Moody’s knew UTSR was in Uintah Basin this week causing trouble and knew we’d leave Enefit in money shambles. Grassroots resistance is one of Enefit’s “challenges associated with the development of oil shale activities.”

Read the full article in The Baltic Course.

Join us this Saturday, January 25th, at 6PM for a discussion on Enefit.
Enefit: Estonian Oil Shale in Eastern Utah?
at the Mexican Federation of Clubs (344 South Goshen Street (1040 West), SLC, UT)