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On 8 June, the European Commission, in accordance with EURATOM Treaty, issued its opinion on the Visaginas Nuclear Power Plant (NPP) Project. After the careful assessment of Visaginas NPP Project, the European Commission has taken the view that the Visaginas NPP fulfills the objectives of the EURATOM Treaty. The European Commission states that Visaginas NPP contributes to the security of energy supply in the Baltic region and to the full integration of the Baltic States into the internal European energy market.

The European Commission’s view is given with an understanding that the project is realized in its currently envisaged structure and dimensions.

The Commission has also expressed an opinion that the Project development company should be based on a solid internal governance structure and secure adequate financing means to complete the Project. The European Commission has a favorable opinion on the national regulator (VATESI) confirmation that during the licensing process for the design and operation of Visaginas NPP, the criteria assessing whether the nuclear power plant can withstand the effects of extreme natural disasters will be included as an obligatory one. Also, VATESI should be provided with adequate human and financial resources in order to be able to fulfill its regulatory duties in the licensing process. The European Commission finds that Visaginas NPP should remain economically viable even when there will be few new nuclear power plants in the region.

The European Commission expressed its opinion after the assessment of official communication by Lithuania on 10th October, 2011 and after several rounds of discussions on all the elements of the investment Project. This communication to the European Commission was performed in accordance with EURATOM Treaty.

Favorable European Commission’s opinion under the provisions of the EURATOM Treaty enables nuclear energy projects to apply for EU financial instruments such as EURATOM and the European Investment Bank.

The European Commission expressed its understanding that the Project aims to fulfill Lithuania's prime energy policy goal – full energy independence before 2020.

Visaginas NPP is the first regional nuclear energy development project in the Baltic region involving three national energy companies of the Baltic States and strategic investor Hitachi as well as technology provider via Hitachi-GE.

The preliminary envisaged Project development company’s shareholding composition is as follows: Hitachi (Japan) 20%, EestiEnergia (Estonia) 22%, Latvenergo (Latvia) 20% and VAE (Lithuania) taking the remainder being 38%. The Lithuanian share of at least 34% is stated in the national Nuclear Power Plan Law. As stated by the Prime Ministers of Lithuania, Latvia and Estonia in the joint Conclusion of the meeting held on 8th March, 2012 the Visaginas NPP Project also remains open to Poland’s participation.

Visaginas NPP technology is based on the Advanced Boiling Water Reactor ABWR having the net capacity of 1340 MW. The total investment during the period of constructions which is expected to start in the year 2015 is envisaged to amount to 5 bn. Euros (in 2010 real terms). Commercial operations are expected to start in the year 2020–2022.