The National Commission for Energy Control and Prices decided on Friday to reduce the price of heat energy supplied by Vilniaus Energija by 23.2 percent to 3.88 euro cents per kilowatt-hour, not including VAT.
However, this is not the final tariff as Vilnius' local authority is yet to approve certain price components. Vilniaus Energija is to calculate and announce the exact tariffs by Nov. 25.
Vilniaus Energija has asked for a new projected price of 5.5 cents. District heating consumers in Vilnius pay 5.05 cents, not including VAT, in October.
The regulator said in mid-September that Vilniaus Energija had unfoundedly generated an excess profit of 24.3 million euros between 2012 and 2014.
Inga Žilienė, head of the price commission, has admitted that it will be difficult to return the money to consumers, given that Vilniaus Energija's 15-year lease on Vilnius ' heating grid expires in April 2017.
Vilniaus Energija supplies heating to about 80 percent of buildings in Vilnius, which accommodate about 90 percent of the city's population.
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