VAE SPB terminates its operations

A state-owned Lietuvos Energija adopted a decision to liquidate VAE SPB, UAB a Group company that has ceased its operations.

The decision to terminate the activities of the VAE SPB was passed with reference to the draft National Energy Independence Strategy (NEIS) submitted to the Seimas. The NEIS draft proposes to prioritise the development of renewable energy resources and does not define any provisions or objectives related to the implementation of the new nuclear power plant project. That means that any further development of nuclear energy in Lithuania has lost its rational basis, leaving no reasons for maintaining a company designated to develop the Visaginas nuclear power plant project, – says Darius Maikštėnas, Chair of the Board and the CEO of Lietuvos Energija.

The decision to liquidate VAE SPB was approved by the shareholder of Lietuvos Energija, the Ministry of Finance. The termination of VAE SPB’s operations was also approved by the Ministry of Energy.

VAE SPB was established in 2012, as a special purpose company designated to implement the project of the new Lithuanian nuclear power plant in Visaginas. In the course of the past several years the operations of VAE SPB were reduced to a minimum. The Company has three employees, with total 1.5 positions. The acting CEO of VAE SPB was appointed as its liquidator. The liquidation procedures are expected to be completed within no more than six months.