Eesti Energia sets up Lumen Balticum subsidiary in Lithuania


Vilnius, Lithuania, Feb. 20, 2007 - Eesti Energia AS has set up a subsidiary in Lithuania. Lumen Balticum was founded with a view to selling electricity on the open Lithuanian energy market. The company is fully owned by Eesti Energia.

“The energy market in Lithuania has been liberalized since 2002 and is open to all power suppliers. It is an opportunity for Eesti Energia to deliver one of its strategic goals of developing new products, markets and connections,” said Sandor Liive, Eesti Energia CEO.

Lumen Balticum will supply power, first of all, to corporate customers.

All the three Baltic States are facing common challenges of limited power links with neighbouring countries, obsolete technologies and decommissioning of major power generation units such as the second unit of Ignalina Nuclear Power Plant and the old unit of Narva Power Plant. Cooperation between the energy companies would ensure sufficient investment into the energy sector as well as enable exports of power to other markets.

“Eesti Energia is a partner for Lithuania in several key energy projects. I am sure that our Lithuanian subsidiary will enhance regional cooperation and foster consolidation in the energy sector,” added Liive.

The Estlink underwater power link between Estonia and Finland, launched in January 2007, is one of the first joint projects of the three Baltic energy companies. Eesti Energia, Lietuvos Energija and Latvenergo have also joined forces for construction of a new nuclear facility in Lithuania.

Lumen Balticum is one of the subsidiaries of Eesti Energia AS. In May 2006, Eesti Energia established E.Energy in Latvia. Oil Shale Energy of Jordan was founded in the Kingdom of Jordan in November 2006.

Additional information:
Iveri Marukashvili
Communications Specialist
Eesti Energia AS
Tel.: +372 71 51 218
GSM: + 372 53 411 813
E-mail: [email protected]