THE PARLIAMENT APPROVES THE CONCESSION AGREEMENT OF VISAGINAS NPP
Today, the Parliament of the Republic of Lithuania approved the Concession to be granted to the Visaginas NPP Project development company and the selection of “Hitachi“ as the strategic investor, as well as the development of the project based on Hitachi-GE ABWR technology.
Today, the Parliament of the Republic of Lithuania approved the Law on the Nuclear Power Plant. The Law on Granting the concession and assuming the essential property obligations of the Republic of Lithuania in Visaginas NPP Project has also been approved providing the investment environment created by the Concession Agreement. All passed laws and the amendments of the laws still have to be signed by the President of the Republic of Lithuania.
The passage of the laws creates an opportunity for commercial investors - the regional partners and the approved strategic investor “Hitachi“ to conclude discussions on the establishment of the Project development company and signing the agreements on the conditions approved by the Parliament.
The Project development company, after it is granted the Concession, will be able to sign the Engineering, Procurement and Construction Contract with Hitachi-GE, to carry design works and, after taking the final investment decision (expected in 2015), to start the construction of Visaginas NPP. After the final investment decision has been taken, the essential property obligations of the Republic of Lithuania will need to be approved by the Parliament as it is stated in the Law on the Nuclear Power Plant and the Concession Agreement.
Visaginas NPP will ensure the basic and competitive production of electricity for Lithuania and the region for at least 60 years.
It has been calculated that Visaginas NPP will increase the GDP of Lithuania by approximately 27-30 billion LTL, will create new business opportunities for the local business approximately 5,2 billion LTL value and will create up to 6000 new jobs.
Two week ago, the European Commission, after the careful assessment of the Visaginas NPP Project, has issued its favourable opinion on this regional Project. The European Commission stated 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. For more information - http://www.enmin.lt/en/news/detail.php?ID=2127.
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