Energy, Energy Market, Financial Services, Lithuania, Markets and Companies

"We realize the gravity of the situation and we want to deal with it in the most responsible way, but our possibilities are not unlimited either. This is not just a problem for the heat supplier and the heat producer. Therefore, were expect all parties responsible for the supply of heat to Vilnius residents to get involved in solving it," Mark Suessmann, CEO of Germany's Danpower, said in a press release on Friday.

He said that Vilniaus Energija already owes Danpower Baltic money for heat supplies in October and will soon owe for November, but he did not disclose the amount of the debt.

Vilniaus Energija spokesman Nerijus Mikalajunas confirmedthat the company is unable to pay Danpower Baltic for heat energy after a court in late November ordered a freeze on almost 20 mln euros worth of the company's funds at the request of the Lithuanian Competition Council.

The competition authority slapped a 19-mln-euro fine on Vilniaus Energija in December 2015 for signing a deal with First Opportunity (formerly Bionovus), an Estonia-registered biofuel supplier, to purchase biofuel exceptionally from the latter company for a period of five years. In the watchdog's opinion, the agreement may have adversely affected competition and consumers.