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    Legal Updates

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    Law Update August 2007
    Lideika, Petrauskas, Valiūnas & Partners
    August, 2007
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    <...>
    LTU. Energy Law

          On 28 June 2007, the Parliament adopted Law No X-1231 on Nuclear Power Plant. This Law sets forth the provisions of implementation of a new nuclear power plant project. The project of a new nuclear power plant will be implemented through a company specially established in Lithuania for this purpose. This company may be established on the initiative of a national investor awarding an opportunity to participate therein for strategic partners who meet appropriate criteria laid down in the Law. The Law prescribes that a national investor is public company Lietuvos energija which should own the title to the controlling interest in the company established for implementation of the new nuclear power plant project, accounting for no less than 34 percent of shares in this company and votes at a general meeting of shareholders. The Law empowers the Government and the shareholder with the controlling interest in public company VST to invest accordingly, in the procedure prescribed in this Law and other laws, the shares of the public company Rytø skirstomieji tinklai and public company VST, which account for more than 1/2 of the shares in each company and votes at a general meeting of shareholders, into the authorised capital of a national investor – public company Lietuvos energija. The Law defines in detail the procedure for increasing the capital of a national investor and regulates the matters of management of the new nuclear power plant project implementation company, the requirements for a national investor and the matters related to the place of construction of a new nuclear power plant.

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