Elektrėnai, Lithuania, 2016-09-20 08:00 CEST (GLOBE NEWSWIRE) -- Lietuvos Energijos Gamyba, AB, identification code 302648707, registered office placed at Elektrinės g. 21, Elektrėnai, Republic of Lithuania (hereinafter – the Company). The total number of registered ordinary shares issued by the Company is 635 083 615; ISIN code LT0000128571.
STRATEGY OF LIETUVOS ENERGIJOS GAMYBA FOR 2020: 15 PERCENT MORE EFFICIENT, 15 PERCENT OF WORK TIME DEVOTED FOR NEW OPERATIONS
The energy producer Lietuvos Energijos Gamyba (LEG) providing the services necessary for the security of the energy system has updated its business strategy. Till 2020, the Company will devote at least 15 percent of its time to raise revenue from new operations, at the same time reducing main operating expenses by at least 15 percent.
LEG manages the greatest electricity production capacities in the country: the Elektrėnai complex, the Kruonis Pumped Storage Hydroelectric Plant and Kaunas Algirdas Brazauskas’ Hydroelectric Power Plant. The company plans to implement its goal to increase efficiency of its activities by 15 percent and to devote 15 percent more of its work time for new operations focusing on four main strategic directions, namely, the provision of quality services to its customers, increasing operational efficiency, diversification and development of activities as well as engagement and empowerment of employees.
“We have updated the strategy in light of the changes already happened in the energy sector and further prospects: growing competition in the electricity market, emerging new opportunities related to the development of renewable sources and emerging threats. We seek to ensure continuity of the company’s activities, return to shareholders and to retain jobs of employees. Therefore we plan to significantly expand our service portfolio by 2020. We plan that in four years every employee of the company will devote at least 6 hours of his working time for new services”, - said Eglė Čiužaitė, the Chair of the Board and CEO of Lietuvos Energijos Gamyba.
According to the CEO, in light of the needs of other electricity and heat producers, the transmission system operator and new customers, the company plans to provide new services taking advantage of the strongest skills and experience of its employees, the managed infrastructure and facilities. For example, the company could offer competitive services of operation and maintenance of power plants and boiler houses to the market, while many medium and large business enterprises could find a perfect location for business development in no longer used buildings and territories of Elektrėnai complex and Kruonis PSHP.
The plan is to have decisions on the construction of a wind park in the territory of Kruonis PSHP and the development of Kruonis PSHP by installing the fifth hydro unit taken during the implementation period of the strategy.
“We will devote significant attention to the expansion of the company’s activities, but will not confine ourselves thereto. We will pursue to have main operating expenses for electricity and heat production and provision of system services reduced by at least 15 percent by 2020. We want to ensure the lowest possible price of heat in Elektrėnai. We will also focus on major repair works of hydro power plants and the programme of works of arrangement of the Elektrėnai complex, which includes the dismantling of units no longer used in the production and the clean-up of the territories”, - said E. Čiužaitė.
A special focus will be placed on the planning of maintenance and repair works and their prevention. LEG aims to ensure high reliability of its managed capacities. With ongoing discussions on the update of the Lithuanian energy strategy and considering the scope of production capacities that must be maintained in the country, LEG has assessed that capacities of Elektrėnai complex are necessary for Lithuania as a strategic reserve.
LEG seeks to form a values-based results-oriented organizational culture substantiated with principles of leadership and a greater focus of the company itself on employees as well as growing involvement of employees in its activities. Low rotation levels of key employees of the company, assurance of occupational safety and health and implementation of the LEAN management system principles-based Operational Excellence programme are named among key goals.
“The main condition of the implementation of all the actions provided for in the strategy and development of new activities is engaged employees generating ideas and focused on the achievement of goals. I have no doubt that an even deeper fostering of fundamental values of the company, such as responsibility, cooperation and pursuit for the achievement of goals, will help successfully implement our vision of becoming a competitive international energy generation and service centre”, - LEG CEO E. Čiužaitė said.
For more information please refer to Summary of LEG Business Strategy (attached).
Valentas Neviera, Head of Corporate Communication Division, tel. +370 670 25997, e-mail. valentas.neviera@le.lt
