Lietuvos Energija
Encyclopedia
Lietuvos Energija is the main power company in Lithuania
. It owns (through 95.54% stake in company Lietuvos Elektrinė) the largest power plant in Lithuania
Elektrėnai Power Plant
and directly owns two largest hydroelectric plants in the country (Kruonis Pumped Storage Plant
and Kaunas Hydroelectric Power Plant
). It has also stake in the Klaipėda Geothermal Demonstration Plant
. The company's headquarters is located in Elektrėnai
.
. Privatization took place in 1997, when 86.5% of the shares went to the government, 8.5% to its workers, and 5% to the Swedish company Vattenfall
.
In 2008, state-held shares in Lietuvos Energija were transferred to newly established energy holding company LEO LT
. After dissolution of LEO LT in 2010, company's shares were transferred to Visagino Atomine Elektrine, a state-owned project company of the Visaginas Nuclear Power Plant
. The company also acquired from Visagino Atomine Elektrine the operator of the largest thermal power plant in Lithuania Lietuvos Elektrinė iand relocated its headquarters to Elektrėnai.
In October, the transmission system operator Litgrid and the electricity market operator Baltpool were spun-off to the state-owned company LITGRID Turtas AB.
. It owns three subsidiaries wholly: Energetikos Pajagos UAB, Kauno, Energetikos Remontas UAB, and Kruonio investicijos UAB. In 2006, it issued 75,000 bonds with a total nominal value of 7,500,000 euro
s. As of the end of 2007, it had issued 689,515,435 ordinary registered shares with nominal values of one litas each. Standard & Poor's
gave it an A- rating during 2007.
Lithuania
Lithuania , officially the Republic of Lithuania is a country in Northern Europe, the biggest of the three Baltic states. It is situated along the southeastern shore of the Baltic Sea, whereby to the west lie Sweden and Denmark...
. It owns (through 95.54% stake in company Lietuvos Elektrinė) the largest power plant in Lithuania
Lithuania
Lithuania , officially the Republic of Lithuania is a country in Northern Europe, the biggest of the three Baltic states. It is situated along the southeastern shore of the Baltic Sea, whereby to the west lie Sweden and Denmark...
Elektrėnai Power Plant
Elektrenai Power Plant
The Elektrėnai Power Plant or Lithuania Power Plant is an 1,800-MW electrical generating station near Elektrėnai, Lithuania, about west of Lithuania's capital, Vilnius. It is operated by Lietuvos Elektrinė, a subsidiary of Lietuvos Energija....
and directly owns two largest hydroelectric plants in the country (Kruonis Pumped Storage Plant
Kruonis Pumped Storage Plant
Kruonis Pumped Storage Plant is located near Kruonis, Lithuania, east of Kaunas. Its main purpose is to provide a spinning reserve of the power system, to regulate the load curve of the power system 24 hours a day. It operates in conjunction with the Kaunas Hydroelectric Power Plant...
and Kaunas Hydroelectric Power Plant
Kaunas Hydroelectric Power Plant
The Kaunas Hydroelectric Power Plant, located on the Nemunas River about southeast of downtown Kaunas, Lithuania, was completed in 1960. Its dam created the Kaunas Reservoir. Owned by Lietuvos Energija, it operates in conjunction with the Kruonis Pumped Storage Plant.The plant, which has a...
). It has also stake in the Klaipėda Geothermal Demonstration Plant
Klaipeda Geothermal Demonstration Plant
The Klaipėda Geothermal Demonstration Plant is a geothermal heating plant in Klaipėda, Lithuania, constructed during the late 1990s and early 2000s. It was the first geothermal heating plant in the Baltic Sea region...
. The company's headquarters is located in Elektrėnai
Elektrenai
Elektrėnai is a city of about 14,000 inhabitants in Lithuania; since 2000 it is the capital of the Elektrėnai municipality. It is situated between the two largest cities in Lithuania – Vilnius and Kaunas.-Name:Elektrėnai is the Lithuanian name of the city...
.
History
Its predecessor, the Lithuanian Power Company, was a wholly state-owned enterprise that owned and operated all electrical and heating businesses in Lithuania apart from Ignalina Nuclear Power PlantIgnalina Nuclear Power Plant
The Ignalina Nuclear Power Plant is a closed two-unit RBMK-1500 nuclear power station in Visaginas, Lithuania. It was named after the nearby city of Ignalina...
. Privatization took place in 1997, when 86.5% of the shares went to the government, 8.5% to its workers, and 5% to the Swedish company Vattenfall
Vattenfall
Vattenfall is a Swedish power company. The name Vattenfall is Swedish for waterfall, and is an abbreviation of its original name, Royal Waterfall Board...
.
In 2008, state-held shares in Lietuvos Energija were transferred to newly established energy holding company LEO LT
LEO LT
LEO LT AB or Lithuanian Electricity Organization was a national energy holding company in Lithuania. The company owned shares of Lithuania's three major electric power production and distribution companies...
. After dissolution of LEO LT in 2010, company's shares were transferred to Visagino Atomine Elektrine, a state-owned project company of the Visaginas Nuclear Power Plant
Visaginas nuclear power plant
Visaginas nuclear power plant is a planned nuclear power plant project in Lithuania. It is proposed to be built at the site of the closed Ignalina Nuclear Power Plant which was shut-down on 31 December 2009 in accordance with Lithuania's accession agreement to the European Union...
. The company also acquired from Visagino Atomine Elektrine the operator of the largest thermal power plant in Lithuania Lietuvos Elektrinė iand relocated its headquarters to Elektrėnai.
In October, the transmission system operator Litgrid and the electricity market operator Baltpool were spun-off to the state-owned company LITGRID Turtas AB.
Market information
The company is publicly traded on the Vilnius Stock ExchangeVilnius Stock Exchange
The NASDAQ OMX Vilnius is a stock exchange established in 1993 operating in Vilnius, Lithuania. It is owned by OMX, which also operates Helsinki Stock Exchange and Stockholm Stock Exchange....
. It owns three subsidiaries wholly: Energetikos Pajagos UAB, Kauno, Energetikos Remontas UAB, and Kruonio investicijos UAB. In 2006, it issued 75,000 bonds with a total nominal value of 7,500,000 euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
s. As of the end of 2007, it had issued 689,515,435 ordinary registered shares with nominal values of one litas each. Standard & Poor's
Standard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
gave it an A- rating during 2007.