Elektrėnai, Lithuania, 2014-03-20 13:42 CET (GLOBE NEWSWIRE) -- "Lietuvos energijos gamyba", AB (company code 302648707, registered office at Elektrinės str. 21, Elektrėnai) (the Company) informs that on 19 March 20, 2014 shareholders of Nordic Energy Link AS held a meeting, where made a decision on dissolution of Nordic Energy Link AS.
According to the Shareholders’ Agreement executed in 2004 among the shareholders of Nordic Energy Link AS, operations of Nordic Energy Link AS shall be terminated after the sale of Estlink-1 assets to the transmission system operators. As on 30.12.2013 the power cable Estlink-1 was sold to Estonian and Finnish transmission system operators, Nordic Energy Link AS shareholders in their meeting of 19.03.2014 made a decision on dissolution of Nordic Energy Link AS.
Estlink-1 with its transmission capacity of 350 MW provided an opportunity for Baltic electricity producers to sell the produced electricity in the Scandinavian market, as well as to import the electricity from Scandinavia. Estlink-1 interconnection created preconditions for the establishment of Baltic electricity exchange and for the increase of competition.
The Company owns 25% of Nordic Energy Link AS shares. Other shareholders of Nordic Energy Link AS are: Latvenergo AS – 25%, Eesti Energia AS – 50%.
Valentas Neviera
Head of Corporate Communication Division
Phone (8 5) 278 2908
E-mail valentas.neviera@le.lt