Energy, Investments, Lithuania

According to a company press release, improved reliability is one of the main objectives laid down in the company's 2014-2020 business strategy recently approved by the board.

The company's targets, to be reached by 2020, state that the average interruption duration (SAIDI indicator) – excluding the impact of natural phenomena (force majeure) – per single customer will be 63.8 minutes, and that the average number of sustained interruptions per customer (SAIFI-long) will be 0.89 times. In 2013, these figures were 72.7 minutes and 0.97 times respectively.

According to the approved long-term strategy, LESTO aims to make regular investments in projects that will ensure a more reliable and safe distribution of electricity, and provide an increase in business value, operational efficiency and return on equity.

"One of the most ambitious goals of the company is related to a place in the World Bank's Doing Business ranking of economies for their business environment," states the company's press release. "One of the components of this ranking is the ease with which new customers can access electricity. LESTO aims to rank among the top 30 economies for this indicator by 2020; currently, it is in 75th place."

"LESTO's strategy has been drawn up taking into account the needs of our stakeholders. These ambitious goals will not only ensure the creation of greater value for our customers, but will also contribute to the country's economic progress and greater competitiveness. This is consistent with the aim of our shareholder, Lietuvos Energija, which seeks to become the most valuable energy company in the Baltic States," Aidas Ignatavicius, CEO and Chairman of LESTO, stated in the press release.

Another state-controlled energy company group, Lietuvos Energijos Gamyba, adopted its new business strategy today. It aims to increase value by reducing its dependence on subsidies.