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 in2009 compared with this year. Ramunas Biciulaitis, the CFO of Leo LT, toldmembers of the parliament's Economics Committee that this could herald the start of a crisis in thepower consumption market.

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

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

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

 

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