Construction, Energy, Legislation, Lithuania, Nuclear power plant

Hitachi, a century-old conglomerate that designs and builds nuclear power plants with General Electric Co (GE.N) in two joint ventures, has shifted its focus overseas as Japan shuns nuclear energy in the wake of the worst radiation crisis in 25 years at the Fukushima Daiichi nuclear plant last year.

Hitachi's nuclear joint venture had been lined up to supply a nuclear energy plant to Lithuania under the country's previous government, which lost power in October.

Nakanishi is credited with a sweeping cost-cutting initiative at Hitachi. The firm is consolidating its 900-plus subsidiaries as it tries to take on global rivals like GE and Siemens AG (SIEGn.DE).

The company most recently merged its thermal power division with that of Mitsubishi Heavy Industries Ltd (7011.T) and executives from both firms have said they are open to working together on nuclear power.

As reported, Lithuanians said a convincing "no" to the construction of a new NPP during a consultative referendum that was held on October 14 together with the Lithuanian Seimas elections. Only 34.09 percent of Lithuanian voters participating in the referendum supported the new NPP project, while 62.68 percent voted against.

According to estimates by the strategic investor in the project, Japan's Hitachi, the price of electricity could be around 20-25 centai after the Visaginas NPP is built.