OREANDA-NEWS. February 03, 2010. The shareholders of Lietuvos Energija during their meeting adopted a resolution that there shall be no approval of spin-off conditions of Kaunas hydro power plant and Kruonis pumped storage plant drafted by the Management Board of the company last September and that the spin-off procedure of the subsidiaries shall be terminated.

“With regard to the altered circumstances – last year’s resolution, adopted by the Government and NDX Energija regarding liquidation of LEO LT, the national investment company - further continuation of spin-off procedure of power plants from Lietuvos Energija is not reasonable” said Mr. Aloyzas Koryzna, Chief Executive Officer of Lietuvos Energija.

Lietuvos Energija is the owner of electricity transmission (330 – 110 kV) grid and through its daughter companies performs the activities of electricity transmission operator, market operator and other activities in the field of electric power.