FROM VST

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The joint stock company VST (abbreviation of the previous name (until 2005) Vakarų skirstomieji tinklai , in German Distribution Networks of the West ) was a Lithuanian energy supply company that was part of the national energy supplier Leo LT from May 2008 . In addition to Rytų skirstomieji tinklai, it was responsible for the country's power supply. VST supplies almost 700,000 customers in western and central Lithuania on a territory of over 30,000 km² . The company employed almost 1,900 people. Aidas Ignatavičius has been the chairman of the board since August 6, 2007, succeeding Darius Nedzinskas.

privatization

VST was formed on December 31, 2001 as a joint stock company from the Kaunas , Klaipėda and Šiauliai power grids of the state energy supplier Lietuvos energija and combined about 22% of its capital. E.ON Ruhrgas held shares in VST through its stake in the state energy provider Lietuvos energija (since May 2001) . The stake was increased to 14.6% on July 11, 2003 through a share swap (in return for giving up the stake in Lietuvos energija and Lietuvos elektrinė). Almost 8.4% were in free float at this point in time. On December 23, 2003, VST was completely privatized and 77% of the shares were sold for 540 million litas (156 million euros) to the company UAB NDX Energija , which is controlled by the VP Group . It last held 97% shares in VST. On May 27, 2008, NDX Energija contributed its shares in VST to Leo LT and received a 38.3% stake there. As of December 31, 2008, Leo LT held 98.2% of the shares. This means that VST is again majority-owned by the state.

However, in the meantime the privatization was not followed by any real competition: VST and RST shared the monopoly on the Lithuanian power grid and obtained 60% of their energy from the state-owned Ignalina nuclear power plant (price 2005-2007: 6.6 litas Cents per kWh) and 40% from sources of the state energy supplier Lietuvos energija (price 2007: 15.1 litas cents per kWh). The consumer price is set by the State Control Commission for Prices and Energy ( VKEKK ) to this day and in 2008 was 33 litas cents per kWh.

business development

Since 2003, sales have increased from almost LTL 700 million to LTL 1.05 billion (2007; EUR 307 million). In 2007, profits were over LTL 85 million, after losses had been recorded in 2003.

Individual evidence

  1. ↑ Akcinė bendrovė “VST” . vst.lt. Archived from the original on April 15, 2009. Retrieved January 19, 2014.
  2. ↑ State-determined electricity price for VST, accessed on February 23, 2009 ( Memento from April 5, 2008 in the Internet Archive )