The Baltic Times

Leo LT predicts huge profit drop

  • 2008-12-05
  • TBT Staff in cooperation with BNS
VILNIUS - Lithuania's newly formed national energy company, Leo LT, predicts that profits may drop by as much as 225 million litas (65 million euros) next year.

The company, which is tasked with setting up the new nuclear power plant, among other things, forecasts a 4.8 percent decline in electricity consumption in 2009 compared with this year. Ramunas Biciulaitis, the CFO of Leo LT, told members of the parliament's Economics Committee that this could herald the start of a crisis in the power consumption market.

Leo LT owns the power transmission grid operator Lietuvos Energija and two distribution companies, Rytu Skirstomieji Tinklai (RST) and VST.

Biciulaitis said that VST and RST could lose around 60 million litas each as a result of the consumption slump.

A sharp fall in electricity consumption has been observed in recent months: the decline was 3 percent in November compared with the same period last year, the finance director said.

 

Please enter your username and password.

 Forgot your password?
 

Subscribe!

A subscription to The Baltic Times is a cost-effective way of staying in touch with the latest Baltic news and views enabling you full access from anywhere with an Internet connection. Subscribe Now!

About The Baltic Times

The Baltic Times is an independent monthly newspaper that covers latest political, economic, business, and cultural events in Estonia, Latvia and Lithuania. Born of a merger between The Baltic Independent and The Baltic Observer in 1996, The Baltic Times continues to bring objective, comprehensive, and timely information to those with an interest in this rapidly developing area of the Baltic Sea region. Read more... Our news analysis and commentaries provide readers with insight essential to understanding the three Baltic countries and their neighbors.

Publisher: Gene Zolotarev
Editor in chief: Linas Jegelevicius

Contact Us

Editorial: editor@baltictimes.com
Subscription: subscription@baltictimes.com
Advertising: adv@baltictimes.com


SIA Baltic News Limited
Reg.#: 40003044365
Address: 1-5 Rupniecibas street, Riga, Latvia
Phone: +37167229978

Stay Connected

2026 © The Baltic Times /Cookies Policy Privacy Policy