Lietuvos energijos gamyba, AB - Other information

Lietuvos Energijos Gamyba, AB, has updated its business strategy

Elektrėnai, Lithuania, 2016-09-20 08:00 CEST (GLOBE NEWSWIRE) -- Lietuvos
Energijos Gamyba, AB, identification code 302648707, registered office placed
at Elektrinės g. 21, Elektrėnai, Republic of Lithuania (hereinafter – the
Company). The total number of registered ordinary shares issued by the Company
is 635 083 615; ISIN code LT0000128571. 



  STRATEGY OF LIETUVOS ENERGIJOS GAMYBA FOR 2020: 15 PERCENT MORE EFFICIENT, 15
                PERCENT OF WORK TIME DEVOTED FOR NEW OPERATIONS

The energy producer Lietuvos Energijos Gamyba (LEG) providing the services
necessary for the security of the energy system has updated its business
strategy. Till 2020, the Company will devote at least 15 percent of its time to
raise revenue from new operations, at the same time reducing main operating
expenses by at least 15 percent. 

LEG manages the greatest electricity production capacities in the country: the
Elektrėnai complex, the Kruonis Pumped Storage Hydroelectric Plant and Kaunas
Algirdas Brazauskas’ Hydroelectric Power Plant. The company plans to implement
its goal to increase efficiency of its activities by 15 percent and to devote
15 percent more of its work time for new operations focusing on four main
strategic directions, namely, the provision of quality services to its
customers, increasing operational efficiency, diversification and development
of activities as well as engagement and empowerment of employees. 

“We have updated the strategy in light of the changes already happened in the
energy sector and further prospects: growing competition in the electricity
market, emerging new opportunities related to the development of renewable
sources and emerging threats. We seek to ensure continuity of the company’s
activities, return to shareholders and to retain jobs of employees. Therefore
we plan to significantly expand our service portfolio by 2020. We plan that in
four years every employee of the company will devote at least 6 hours of his
working time for new services”, - said Eglė Čiužaitė, the Chair of the Board
and CEO of Lietuvos Energijos Gamyba. 

According to the CEO, in light of the needs of other electricity and heat
producers, the transmission system operator and new customers, the company
plans to provide new services taking advantage of the strongest skills and
experience of its employees, the managed infrastructure and facilities. For
example, the company could offer competitive services of operation and
maintenance of power plants and boiler houses to the market, while many medium
and large business enterprises could find a perfect location for business
development in no longer used buildings and territories of Elektrėnai complex
and Kruonis PSHP. 

The plan is to have decisions on the construction of a wind park in the
territory of Kruonis PSHP and the development of Kruonis PSHP by installing the
fifth hydro unit taken during the implementation period of the strategy. 

“We will devote significant attention to the expansion of the company’s
activities, but will not confine ourselves thereto. We will pursue to have main
operating expenses for electricity and heat production and provision of system
services reduced by at least 15 percent by 2020. We want to ensure the lowest
possible price of heat in Elektrėnai. We will also focus on major repair works
of hydro power plants and the programme of works of arrangement of the
Elektrėnai complex, which includes the dismantling of units no longer used in
the production and the clean-up of the territories”, - said E. Čiužaitė. 

A special focus will be placed on the planning of maintenance and repair works
and their prevention. LEG aims to ensure high reliability of its managed
capacities. With ongoing discussions on the update of the Lithuanian energy
strategy and considering the scope of production capacities that must be
maintained in the country, LEG has assessed that capacities of Elektrėnai
complex are necessary for Lithuania as a strategic reserve. 

LEG seeks to form a values-based results-oriented organizational culture
substantiated with principles of leadership and a greater focus of the company
itself on employees as well as growing involvement of employees in its
activities. Low rotation levels of key employees of the company, assurance of
occupational safety and health and implementation of the LEAN management system
principles-based Operational Excellence programme are named among key goals. 

“The main condition of the implementation of all the actions provided for in
the strategy and development of new activities is engaged employees generating
ideas and focused on the achievement of goals. I have no doubt that an even
deeper fostering of fundamental values of the company, such as responsibility,
cooperation and pursuit for the achievement of goals, will help successfully
implement our vision of becoming a competitive international energy generation
and service centre”, - LEG CEO E. Čiužaitė said. 

For more information please refer to Summary of LEG Business Strategy
(attached). 


         Valentas Neviera, Head of Corporate Communication Division, tel. +370
670 25997, e-mail. valentas.neviera@le.lt

Bifogade filer:

LEG Business Strategy Summary 2016-2020.pdf