Energy, Investments, Legislation, Lithuania, Nuclear power plant

Masaharu Hanyu and Zygimantas Vaiciunas. Vilnius, 23.12.2011. Photo: lrv.lt

The document was signed by Chairman of the Commission of the Concession Bid, Deputy Energy Minister Zygimantas Vaiciunas and Hitachi Deputy President Masaharu Hanyu. The agreement defines the contents of the concession contract. It also states the key principles according to which the concession contract will be concluded together with the regional partners of the project.

The agreement defines the contents of the concession agreement. It also states the key principles according to which the concession agreement will be concluded together with the regional partners of the project. This agreement will be public.

The agreement will be sent to parliament to be ratified in the spring session.

"Today we are recording the results of intensive half-year negotiations. This is an intermediate point. The agreement on the key principles and provisions of the Concession Agreement has been reached",Vaiciunas, the deputy energy minister, said.

"We are very pleased that we have signed today the agreement on the main terms for the Concession Agreement for Visaginas NPP project. Hitachi understands the importance of this project and we are committed to make our best efforts to conclude the Concession Agreement on agreed time"- said Masaharu Hanyu, Deputy President and Executive Officer of Hitachi.

In line with the requirements, established in Article 41 of the EURATOM Treaty, the notification on the project of Visaginas NPP was officially submitted to the European Commission.

The largest American electricity infrastructure company Exelon Nuclear Partners, LLC has joined the project of Visaginas NPP as the Owner Engineer. The specialists of Hitachi and Visaginas NPP with an active involvement of the experts of regional partners have concluded the preparatory engineering works.

These works and other tasks, completed within very short period of time, show the continuous commitment of the participants of Visaginas NPP to implement this project of strategic importance duly and in time.

Under the law, Lithuanian Government must own at least a 34 percent share of the projected plant, which will cost EUR around 5 billion.

As reported, in July, Hitachi was selected as a preferred bidder for the Visaginas nuclear power plant project in Lithuania.

The Visaginas NPP had to be built by 2020 with participation of the strategic investor Hitachi-GE Nuclear Energy and regional partners of Latvian, Estonian and Polish energy companies.

On Tuesday, Hitachi said it expected "basic agreement" with Lithuanian authorities by February, while a formal agreement could be concluded next summer.