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Prime Minister: Choice of a Strategic Partner for Further Talks Signals the Completion of Important Stage of Visaginas NPP Project

Date

2011 07 14

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“The choice of a strategic investor is an important landmark for the Visaginas Nuclear Power Plant project and a major step towards Lithuania’s energetic independence, which is in the long term benefit for the Lithuanian economy and people”, said the Prime Minister, responding to the news that the proposal from GE Hitachi Nuclear Energy and a combined Hitachi-US General Electric company had been selected as one of the two for further negotiation. The other proposal was submitted by US company Westinghouse, owned by Japanese Toshiba.

The Government plans to continue talks with Hitachi on signing a concession agreement by the end of this year. The results will be presented for Seimas’ approval.

‘The choice of a strategic investor for further talks on concession agreement closes an important stage of the construction of Visaginas NPP, which is really pleasing’, the Prime Minister said. ‘The commitment of a leading nuclear power company to invest in the project and implement it provides additional guarantees that Visaginas NPP will begin to generate and sell electricity in 2020’.

Representatives of regional partners from Estonia, Latvia and Poland also took part in the consideration of the proposals. The Prime Minister emphasized that the participation of regional partners was of high importance to Lithuania.

The project reduces Lithuania‘s dependence on the monopoly of electricity and gas suppliers. In the opinion of the Prime Minister Andrius Kubilius, the selection of the strategic investor for the negotiations is an important step for ensuring the energy security of Estonia, Latvia, Poland and Lithuania.

‘The decision of today means big investments in Lithuania as well as the creation of many job places when constructing the power plant as well as operating it. Moreover, Visaginas NPP creates significant opportunities for exporting electricity to the countries of the region and may become one of the major sources of GDP generation in the country’, said the Prime Minister. He underlined that the Visaginas NPP project is a commercial project, thus the price of electricity of the new power plant will be competitive.

The Prime Minister thanked the Hitachi company as well as the Westinghouse company for good proposals and was pleased by the fact that the abovementioned companies offered Lithuania the opportunity to choose between two serious proposals.