Lietuvos energijos gamyba, AB - Notification on material event

On termination of Nordic Energy Link AS

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