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Cooperation Agreement Regarding the Implementation of the NordBalt Project Signed
2010-03-19
On March 18, 2010, Aloyzas Koryzna, Chief Executive Officer of Lietuvos Energija AB, and Mikael Odenberg, Chief Executive Officer of Affärsverket Svenska Kraftnät signed a cooperation agreement regarding the implementation of the NordBalt project. This agreement aims to define conditions, at which Lietuvos Energija and Affärsverket Svenska Kraftnät will jointly implement NordBalt power link project by interconnecting the electricity systems of Lithuania and Sweden.
The cooperation of the parties will consist of three key stages – the link‘s development, construction and post-construction stages. It was agreed that ownership of the infrastructure, resulting from the construction of the power bridge, will be split by the parties as follows: Lietuvos Energija will own the converter station at Klaipėda transformer substation, the cable, stretching from Klaipėda substation to the sea, and 50 per cent of the submarine cable. The respective share of the cable and link‘s infrastructure on Sweden‘s territory will be owned by Svenska Kraftnät.
The deal also includes an agreement regarding the link‘s funding and the conditions as well as procedure of use of the EU support, allocated to the construction of the link. The prospective EU support totals EUR 131 million (LTL 452.3 million). The cost of the power link is estimated at EUR 552 million (LTL 1.906 billion).
Sigitas Baltuška
Head of Communications
phone: +370 5 278 2442
mobile phone: +370 663 52 328
fax: +370 5 278 23 86
e-mail: sigitas.baltuska@lpc.lt
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