BANKS DODGY DEALS CAMPAIGNS
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Our projects
Tracking the NZBA
Banks and Russia
Banks and Steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Linkedin Login
Home › Dodgy Deals ›
Dodgy Deal
Visaginas nuclear power plantLithuania

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

Jan Haverkamp, Greenpeace EU Unit, Belgium

Jan Beranek, Greenpeace International, Netherlands

Lauri Myllyvirta, Greenpeace Nordic, Finland

Last update: 2016-10-12 05:54:32

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

Jan Haverkamp, Greenpeace EU Unit, Belgium

Jan Beranek, Greenpeace International, Netherlands

Lauri Myllyvirta, Greenpeace Nordic, Finland

Last update: 2016-10-12 05:54:32
Why this profile?
About
Sectors Nuclear Electric Power Generation
Location

Visaginas is the atomic phoenix the Lithuanian government hopes will rise from the ashes of the Ignalina nuclear power plant. Ignalina was finally closed in 2009 for safety reasons as a condition of Lithuania being admitted to the European Union and Visaginas will be built on the site.

The Visaginas nuclear power plant was originally to be a joint project between Lithuania, Poland, Estonia and Latvia. However, thanks to the financial crisis, the involvement of the other three countries is in doubt. Currently estimated to cost between three and four billion euros the plant is estimated to be completed in 2018. With nuclear industry estimates proving to be flexible at best, that timescale and budget can be expected to increase.

Like most nuclear babies, Visaginas has had a long gestation period having been under discussion since the 1990s. Only in 2007 did the Lithuanian government pass the required law to allow what is expected to be two nuclear reactors. An Environmental Impact Assessment, completed in 2009, was challenged as being insufficient by the Lithuanian organization Atgaja, the Latvian Green Movement, the CEE Bankwatch Network and Greenpeace.

The tender process to attract bids from builders for the reactors is ongoing.

Impacts

Social and human rights impacts

During the construction of the Ignalina nuclear power plant, mainly Russian people were moved to the area and the town of Visaginas was built to house them. Until the closure of Ignalina, most of the people in Visaginas were working for the power station. The town was relatively wealthy. After closure, many people lost their jobs, although still a fair amount remains working on the decommissioning and closure of the power station.

The Visaginas nuclear power station was designed to give job security for the Ignalina workers. However, there will be a gap of at least seven years between Ignalina closing and Visaginas opening. This will mean a loss of skill in the meantime. Also, as long as the Visaginas project remains under development, investments in the region are on hold. This results in a long term unemployment and lack of development of the region.

The Ignalina nuclear power project created an enclave of a Russian minority in Lithuania. Due to slow development of the Visaginas project, while waiting for the power station project to start this minority will face long term unemployment.


Environmental and climate impacts

The Environmental Impact Assessment has been challenged as insufficient. Criticisms include: a failure to consider alternatives to another nuclear power plant, a lack of data about pollution caused by uranium mining, production, decomissioning and radioactive waste, and insufficient analysis of serious accidents. The third generation reactors under consideration for Visaginas all have serious concerns about their designs.

The narrow focus in Lithuania on nuclear power is preventing the development of clean renewable energy solutions and is a barrier to energy efficiency measures. The amount of inflexible nuclear-generated electricity in the Lithuanian grid would be so high, that proposed investments in wind energy projects, biomass plants and geothermal project will not be possible.


Other impacts

The costs for the project have been heavily understated by the Lithuanian government. When the cost of a project is based on too low a cost estimate, the chance of heavy budget overruns is enormous. This leads to electricity cost prices far above current market prices.

Financiers
Institution type
Finance type
Year
Companies

Pöyry Energy Oy

Finland
Website
No companies
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Lithuania Premier Plans Energy Accord as Nuclear Not a Priority

2013-03-21 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Cable ties: Awkward tussles over nuclear power on Russia’s borders

2011-05-05 | Lithuania | The Economist
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack calls on banks to stop funding nuclear power

New website exposes nuclear secrets of commercial banks
2010-05-26 | Nijmegen, the Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

BLOG WDM: Meeting with Philip Hampton, Chairman of RBS about Canadian tar sands and Vedanta Resources

2010-04-30 | Edinburgh | World Development Movement
Resources
Documents
Images
Links
2010-03-10 00:00:00

Environmental Impact Assessment Report New Nuclear Power Plant in Lithuania 27 March 2009 - PART 2

Company document
2010-03-10 00:00:00 | Pöyry Energy Oy (Finland), Lithuanian Energy Institute (Lithuania)
2010-03-10 00:00:00

Environmental Impact Assessment Report New Nuclear Power Plant in Lithuania - PART 1 27 March 2009

Company document
2010-03-10 00:00:00 | Pöyry Energy Oy (Finland), Lithuanian Energy Institute (Lithuania)
2010-03-10 00:00:00

DECISION ON THE FEASIBILITY OF THE CONSTRUCTION OF VISAGINAS NUCLEAR POWER PLANT

Other document
2010-03-10 00:00:00 | Ministry of Environment of the Repulic of Lithuania
2010-03-10 00:00:00

NATIONAL ENERGY STRATEGY 2008

Other document
2010-03-10 00:00:00 | Lithuanian Energy Institute and Ministry of Economy
2010-03-10 00:00:00

ENVIRONMENTALISTS TO APPEAL NUCLEAR COURT VERDICT IN LITHUANIA

NGO document
2010-03-10 00:00:00 | Atgaja, Latvian Green Movement, CEE Bankwatch, Greenpeace
2010-03-10 00:00:00

Evaluation of The Environmental Impact Assessment Report New Nuclear Power Plant in Lithuania

NGO document
2010-03-10 00:00:00 | Mark Chernaik, Ph.D. Staff Scientist Environmental Law Alliance Worldwide U.S.
2010-03-10 00:00:00

Environmental Impact Assessment Report New Nuclear Power Plant in Lithuania 27 March 2009 A P P E N D I X E S

Company document
2010-03-10 00:00:00 | Pöyry Energy Oy (Finland), Lithuanian Energy Institute (Lithuania)
2010-03-10 00:00:00

HEARING IN LITHUANIAN NUCLEAR REACTOR CASE Greenpeace challenges environmental impact assessment

NGO document
2010-03-10 00:00:00 | Greenpeace
2010-03-10 00:00:00

Legal arguments for an appeal against the acceptance of the Environmental Impact Assessment report on the Visaginas NPP project

NGO document
2010-03-10 00:00:00 | Jan Haverkamp, Greenpeace
2010-03-10 00:00:00

COMMENTS ON THE Environmental Impact Assessment Report New Nuclear Power Plant in Lithuania August 27th 2008

NGO document
2010-03-10 00:00:00 | Jan Haverkamp, Lauri Myllyvirta, Greenpeace

Visaginas nuclear power station, Lithuania

2010-03-11

VAE

project description
Updates

2011

2011-05-06 00:00:00 | Latest update

Regardless of the scandals which have been known to characterize the project and the investors' jitters that have followed the scandals, as of May 2011 the Visaginas project is again moving ahead. As stated in a report by the Economist "...since Japan's nuclear accident, firms wanting to build nuclear-power plants have become less choosy about the conditions. Mr Kubilius says he hopes to find a strategic investor "within months"."  One Lithuanian official explains their dedication to the project as follows, "We are more motivated because our needs are more severe."

The Environmental Impact Assessment (EIA) of the Visaginas NPP was started in 2007 and finished in 2009. Currently an appeal against the EIA is awaiting appeal for the High Court in Vilnius because of complaints of insufficiency by a group of NGOs, including the Lithuanian organisation Atgaja, the Latvian Green Movement, the CEE Bankwatch Network and Greenpeace.

In December 2009, the Lithuanian government issued a tender for strategic investor for the Visaginas project. Interested parties mentioned include Sweden's Vattenfall, Germany's RWE and E.ON, France's Suez-GDF and EDF, Italy's Enel and Spain's Iberdola. After closure of the bids, Lithuania narrowed down the choice to five potential partners and is expected to make a choice before summer. The names of the possible strategic investors have been kept secret.

 

Send feedback on this profile
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature
Our projects
Tracking the NZBA Banks and Russia Banks and Steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter Linkedin
©2023 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted