LITGRID AB - Notification on material event

NordBalt Funding Sources Approved

Vilnius, Lithuania, 2011-07-29 10:20 CEST (GLOBE NEWSWIRE) -- The National
Control Commission for Prices and Energy adopted a resolution that to finance
the cross-border electricity interconnection project NordBalt during the period
of 2010 - 2016, LTL 479 million will be allocated from funds, collected from
the provision of public obligation services. Additional LTL 226 million have
been allocated by the European Union. 

This year the overall public obligation services tariff, included into the
final price of electricity for consumers, is 6.01 LTC/kWh, of which the part,
allocated to funding of strategic projects, is 0.9 LTC/kWh. According to the
approved model, next year a part of public obligation services funds, allocated
to NordBalt project, will be 0.82 LTC/kWh. 

As it was announced earlier, Swedish transmission system operator Svenska
Kraftnat will invest nearly 2.3 billion SEK into the power bridge project
between Lithuania and Sweden. The total value of NordBalt project is LTL 1.471
billion. The NordBalt interconnection is scheduled for launching into operation
in December, 2015 


         Vilija Railaitė
         Head of Communications
         Phone +370 5278 2361
         Mobile +370 613 19977
         E-mail vilija.railaite@litgrid.eu