LEO LT
The joint stock company Leo LT ( Lietuvos Elektros organizacija ) is a Lithuanian state-controlled energy holding, at the initiative of the Lithuanian Government in spring 2008 from the merger of the two power utilities VST ( Vakarų skirstomieji tinklai; private) and Rytų skirstomieji tinklai (RST; majority in state-owned ) and the state-owned energy producer Lietuvos energija arose.
The shares of the new company belong to the state and 61.7% to 38.3% the previous owner of VST, the company NDX Energia. A small portion of the shares, less than 0.3 %, is traded on the stock exchange in Vilnius. The previously owned by the state-owned energy producer Lietuvos energija hydropower plants in Kaunas ( Kauno hidroelektrinė ) and Kruonis ( Kruonio hidroakumuliacinė elektrinė ) were spun off and remained in state ownership.
Political background and disputes
The reason for the formation of the Group, the need has been argued that in the face of challenges due to the closure of the Ignalina nuclear power plant to dispose of 31 December 2009 on a major national actor, the shoulder any collaborations with other ( national ) companies to secure the Lithuanian energy supply can. First and foremost it is about the establishment of transnational power lines to Poland and the Baltic Sea to Sweden and to build a new nuclear power plant at the existing location Ignalina.
The need for the establishment of Leo LT was very controversial in the Lithuanian Parliament as well as in public. The government was assumed to act at the expense of the state and in favor of the shareholder VST, NDX Energia, behind the turn of Lithuania 's largest national corporations, VP Grupe is. A group of volunteers who wanted a referendum on the abolition of the founding of Leo LT induced, but failed in the necessary number of at least 50,000 valid signatures within two months.
In June 2007, the Parliament had made a way to set up in the wake of the closure of the Ignalina nuclear power plant a major national power company that could take on the task of building a new nuclear power plant in international cooperation. The government-appointed commission chaired by the Minister of Economy Vytas Navickas laid on 20 December 2007 its proposals. After negotiations with NDX Energia you had come to the conclusion to establish national energy providers under a new name (and not under the umbrella of existing Lietuvos energija ). This project required the amendment of the Atomic Energy Act passed in June 2007. This took place on 25 February 2008 by a fiercely contested parliamentary decision, in which the ruling with the Social Liberals spoke out against the project. On 29 April 2008, the founding agreement to form the new holding company Leo LT was signed and transferred on 27 May 2008, the capital of the three founding companies in the Leo LT ( a total of almost 1.5 billion euros ). End of September 2008, the Parliament decided to challenge the lawfulness of the Atomic Energy Act by the Constitutional Court.
On 21 October 2008, the first CEO in the company's history, Rymantas Juozaitis explained ( since May 20, 2008), surprisingly " for personal reasons " and his resignation was on October 24, replaced by the current Director-General of RST, Gintautas Mažeika, . Tougher In March 2009, with the new government once again the tensions and discussions about the management of the company. After a few low-ranking employees were already excreted over the month, declared on 23 March 2009 Gintautas Mažeika his resignation shortly before the extraordinary meeting of the Supervisory Board. The reason he gave to growing opposition from the government and the society which did not allow a successful work. At the Supervisory Board meeting but also the abolition of parting bonuses for senior management should be decided on their payment Mažeika after a few days then renounced voluntarily. At the Supervisory Board meeting then also the Chairman of the Supervisory Board, Julius Niedvaras announced his resignation and thus also took over the responsibility for the disputed payment scheme. New Supervisory Board Chairman was on April 3, 2009, the Chairman of the State Price Commission, Virgilijus Poderys, new head of the company on April 9, 2009, the previous head of RST, the physicist Rimantas Vaitkus. Vaitkus knows the incumbent Prime Minister Andrius Kubilius of a 10 - year collaboration at the University of Vilnius and is therefore regarded as his confidant.
On 21 July 2009 the Parliament decided with the new liberal- conservative government majority to amend the Atomic Energy Act. So was now provided that the state should hold at least two-thirds of the shares that Leo LT could also be re-dissolved and the company is no longer responsible for the construction of overhead power lines to Poland and Sweden, respectively ( goes back into government responsibility ). In addition, the review of the value of the introduced stock shares of Lietuvos energija and RST was ordered. Should they have been undervalued, had the second portion owner, NDX Energia to pay the government within three months. The newly elected President of the country, Dalia Grybauskaite spoke on July 30 at the signing of the law changes significantly for a break-up of Leo LT from which they denounced as the production of a monopoly. They also questioned the need to build a new nuclear power plant in Lithuania.