Bloomberg News

Lithuania Seeking Lower Electricity Prices at New Nuclear Plant

February 15, 2012

Feb. 15 (Bloomberg) -- Lithuanian electricity production costs at a planned nuclear power plant in Visaginas may average 7 centai ($0.03) to 10 centai per kilowatt hour, lower than current production costs in the country, Energy Minister Arvydas Sekmokas said.

The price for consumers on the market is planned between 17 centai and 25 centai per kilowatt hour, Sekmokas said in a conference in Vilnius today.

The Lithuanian government, along with its partners in Estonia and Latvia, is in talks with Hitachi Ltd. to build a nuclear power plant in the country. Lithuania picked Hitachi together with its Hitachi-GE Nuclear Energy Ltd. unit as a strategic investor and technology supplier to construct a nuclear plant in the Baltic country by the end of 2020.

The region is seeking to cut its dependence on energy imports after closing the Soviet-era Ignalina facility at the end of 2009. Lithuania plans to hold a 30 percent stake in the the plant, while the strategic investor and other regional partners would share the rest.

--Editor: Douglas Lytle

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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