Decisions on building a new nuclear power plant in Visaginas, eastern Lithuania, are likely to be made sometime around 2018, the chief executive officer of the state-owned energy group Lietuvos Energija (Lithuanian Energy) says.
Dalius Misiūnas and Prime Minister Algirdas Butkevičius
© DELFI / Šarūnas Mažeika

The Visaginas plant's estimated electricity production cost has been reduced to LTL 0.19-0.20 (EUR 0.055-0.058) per kilowatt-hour after revising the project's financing terms and increasing the Japanese export agency's contribution, but it still would be unable to compete with power generated by old Swedish nuclear power plants in the market today, Dalius Misiūnas said on LRT Television on Sunday evening.

"All those factors may lead us to a situation where the market price in 2025 will be completely different from what it is today. I think that if we look retrospectively, seven to eight years are needed for the development of the project. Thus, we have to make our decision seven to eight years before the price reaches a certain level and the situation in the market is favourable for that project to ensure that the plant is operational by that time," he said.

Misiūnas does not expect decisions on the Visaginas project to be made in the coming years as the market situation is favourable for electricity imports.

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