Detailed estimates are to be produced by the Baltic states in This in turn would significantly raise the competitiveness of the Visaginas plant in both the Baltic and the European energy markets 8. The starting budget of 5 billion euros is based not on the calculations carried out by the Lithuanian investors but on the figures included in the offer submitted by Hitachi.
However, EU rules stipulate a year limit on contracts for electricity supply, which constrains financing. Also the economic prospects of the MWe Baltic plant then under construction in Kaliningrad, km from Vilnius, would be greatly improved, though this has since been put on hold due to lack of customers.
However, a non-binding referendum held in conjunction with a national election in October clouded the prospects for the Visaginas project. These parties could therefore become the core of the post-election ruling coalition.
In addition, the government is currently trying to secure additional investors for the project from across the Baltic Sea region.
At the moment, the business plan is based on preliminary estimates and has no concrete financial visaginas nuclear power plant business plan. Lesto, Lietuvos Energija and Litgrid. Partial support for the project was also given by MPs from the opposition Labour Party of Lithuania; this was enough to secure the required majority.
Early in Decemberit was announced that the tender had failed after two bids were received. This is particularly significant as most of the Visaginas project is to be financed through bank loans.
This was also the case with the latest ABRW reactors. The unlinking of the Lithuanian power grid from the Russian and Belarusian transmission networks will therefore depend on the construction of alternative transmission lines and is seen as a long-term project. Although the European Commission has approved the Lithuanian project, it has stressed that Vilnius would not receive any financial support for the Visaginas plant as the EU does not, on principle, finance commercial projects.
If, however, Lithuania decides to scrap the project completely, it will have to cover all of the costs incurred during the planning stages. Visaginas is therefore seen as a central energy producer for the region, addressing some of the energy deficit affecting the Baltic states currently, the deficit is highest in Lithuania; with Latvia in third place.
In May "competitive proposals from potential strategic investors" were received, from Westinghouse and Hitachi GE. In addition, Visaginas would also play a key role in the planned Energy Exchange between the Baltic states and Scandinavia.
Another threat to the project could come from outside the EU. The Social Democrats had forced the referendum in order to make Visaginas an election issue, and they formed a government with Labor and two smaller parties they had led a minority government The EIA report considered a plant of at least two units of total capacity up to MWe, using one of the 11 reactor designs under consideration h.
In Aprilformal proposals from five selected strategic investors were submitted to the government, and bids from these were then sought. Under the plan, all power plants currently operating in Lithuania would be modernised to meet the required technical parameters. Investment and offtake agreements with regional utilities were being negotiated as wholesale market liberalization proceeded, including adoption of Nordpool rules in and integration into Nordpool in The fact that the project will be largely financed through bank loans may mean that the price will not be as low as Vilnius has been suggesting, and could reach 0.
However, to fully unlink the power grids of the Baltic states and Russia, Lithuania will first have to build links with Poland LitPol Link — stage one to be completed bycapacity: Latvia, meanwhile, is predominantly interested in receiving guarantees that the energy generated at Visaginas will be competitively priced since it is going to be sold at a local energy exchange.
This will of course need to be reflected in the final budget for Visaginas. The governments of Japan and the United States, both of which are interested in exporting their technologies abroad, might be willing to use specially established financial institutions to open credit lines for such projects.
The deadline for the agreement to be signed — and thus the official launch of the project — has been pushed back to the end of Proposed power reactors in Lithuania Reactor. The final option would be to sign an agreement on long-term cooperation. One example of such an approach has already come from Latvia, where Prime Minister Valdis Dombrovskis sent an official letter to the Lithuania government at the end of June, stating that his country could withdraw from the project if it did not receive assurances of tangible benefits.
Meanwhile, many Lithuanian experts have stressed that the estimated price of electricity generated at the new plant has not been based on concrete financial analyses. The final decision is not expected until ; this gives opponents of the project plenty of time to bring a halt to the deal.
Abandoning the Visaginas project and scrapping plans for the synchronisation of the Baltic energy systems with the rest of the European Union, but pressing ahead with the construction of electricity transmission lines into Europe co-financed by the EU would create convenient routes for the transmission of Russian and Belarusian electricity into EU markets.
This stems partly from the economic situation in the neighbouring countries, as bank interest rates depend on the credit ratings of the lending countries.
This amount will, however, increase due to additional costs such as interest on the loan, inflation, fluctuations in currency exchange rates, bringing the total to as much as 6.
Four reactors of this type are already operating in Japan, with further reactors being currently constructed in both Taiwan and Japan.
To finance the project, the investors are planning to borrow around 4 billion euros from banks, with the remaining 2.The Lithuanian Seimas approved the government-sponsored proposal for the construction of a new nuclear power plant outside the Lithuanian city of Visaginas on 21 June. MPs cleared the government to sign the concession agreement (initialled 30 March ) with Japan’s Hitachi Ltd.
Visaginas Nuclear Power Plant is a planned nuclear power plant project in Lithuania. It was proposed to be built at the site of the closed Ignalina Nuclear Power Plant, which was shut down on 31 December in accordance with Lithuania's accession agreement to the European killarney10mile.comon: Visaginas Municipality.
The study considers scenario with new nuclear power plant among other scenarios, but is critical about it. It says Visaginas NPP Business Plan , upon which calculations of the nuclear scenario are based, is too optimistic in regard to.
A new energy policy in was cast around the Visaginas nuclear plant (details below), a new LNG terminal, and rebuilding the power grid. Energy reliance on Russia is to drop from 80% in to 55% by and 35% in The project of the Visaginas Nuclear Power Plant (VAE) is dead, says the author of the project, Lithuania's former energy minister Arvydas Sekmokas.
In his words, the project proved that it cannot be a regional scheme, informs LETA/BNS. Visaginas Nuclear Power Plant is a planned nuclear power plant project in Lithuania.
It was proposed to be built at the site of the closed Ignalina Nuclear Power Plant, which was shut down on 31 December in accordance with Lithuania's accession agreement to the European Union.