Litgrid AB — Regulatory Filings 2012

Mar 15, 2012

Disclosure 298265

LITGRID AB - Notification on material event

Preferred method for separation of LITGRID AB to be presented by March 30, 2012

Vilnius, Lithuania, 2012-03-15 15:22 CET (GLOBE NEWSWIRE) -- On 15 March 2012 the National Control Commission for Prices and Energy (hereinafter referred to as the "Commission") concluded that LITGRID AB fails to comply with the obligation to separate electricity transmission operation from other activities of vertically-integrated groups of companies by 3rd March 2012, as set forth in the Law on Energy transposing provisions of the EU Third Energy Package to the national legislation of the Republic of Lithuania. LITGRID AB performs the functions of an electricity transmission system operator and is a part of a vertically-integrated group of companies Visagino atominė elektrinė UAB. The Commission has obligated LITGRID AB to present to the Commission by 30 March 2012 a detailed description of the preferred method for separating operations and control from activities of the vertically-integrated undertaking that are not related to transmission, alongside with a detailed action plan. LITGRID AB's preferred plan of activities and separation implementation must transparently disclose the order of precedence and time-schedule of specific actions for ensuring implementation of activities separation requirements. Vilija Railaitė Head of Communications Phone +370 5278 2361 Mobile +370 613 19977 E-mail vilija.railaite@litgrid.eu