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Thursday, September 18, 2008

First block of Visaginas nuclear power plant to be erected by 2018, second – by 2020

The first block of Visaginas nuclear power plant, with the capacity of reactor reaching 1100 megawatts, may be erected in 2016 according to the optimistic plan, or in 2018 according to the pessimistic one. The second block with the same capacity would be erected in two years and it would start operating in 2018 or 2020 according to the corresponding plans. The erection of the third block with the same capacity is not foreseen in the long-term activities strategy until 2022 of the national investment company LEO LT.

LEO LT heads and shareholders presented the aforementioned strategy to the Government"s supervision committee on Thursday. The strategies also foresee the erection of two electricity links to Poland and Sweden that would be extended in 2014-2016. It is foreseen that the new nuclear power plant will be financed from the finances of the shareholders of LEO LT – the Economy Ministry and private NDX Energija and the electricity links are expected to be extended for the EU financial assistance money and finances accumulated by shareholders from electricity tariffs that are foreseen to be raised next year about 3 cents per kilowatt-hour for residents.

Reactors for the new nuclear power plant are planned to be purchased from U.S. companies, however a tender is yet to be announced for their production, reports ELTA.

"Two nuclear blocks and both electricity links are expected to cost a total of 28 billion litas (8 billion euros), Lithuania will have to allocate 17 billion litas (4.86 billion euros). 3 billion litas (857.9 million euros) will be needed for the electricity bridges, and 14 billion litas (4 billion euros) – for the erection of Visaginas nuclear power plant. Lithuania has to accumulate about 1.5 billion euros (5.2 million litas) for the erection of the first block," Rymantas Juozaitis, chairman of the board of directors of LEO LT, explained after the strategy presentation.

Currently LEO LT has 600 million litas (171.6 million euros) that have been received as dividends from merged company VST.

(Source: The Baltic Course)

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