The Financial Times recognises contribution of the law firm TGS Baltic to implementing Lithuanian energy sector reform

19.10.2020 The Financial Times recognises contribution of the law firm TGS Baltic to implementing Lithuanian energy sector reform

In early October, The Financial Times (FT) announced its fifteenth Innovative Lawyers Europe report, which ranked 30 of the most innovative European law firms and in-house legal teams as well as presented the most outstanding initiatives in each of the categories. Within the ‘Innovation in the practice of law’ category, the law firm TGS Baltic was highlighted together with other leading European law firms, such as Allen & Overy, White & Case and others, due to the firm’s long-standing contribution to the implementation of Lithuanian energy sector reform.

According to the FT report: “When the Lithuanian government decided to implement new regulations to bring the energy sector under the control of domestically-owned businesses rather than Russian energy suppliers, the lawyers provided strategic and regulatory advice, such as a new system for competitors to share terminals used in natural gas production. They fended off lobbying and arbitration attempts by private companies against the new legislation and also made a successful counterarbitration on behalf of the government. These reforms have led the way for increased competition in the sector, resulting in a substantial reduction in electricity and gas prices for customers.”

According to TGS Baltic managing partner Vilius Bernatonis, this recognition is an especially important event for the team:

“The energy sector reform is really and outstanding one, since it created market-based relations where positions were held by monopolists, which significantly re-shaped the sector's landscape. We are very proud to have been trusted by the Lithuanian Government on these important projects and being commended by The FT is particularly important to us because this is the highest recognition of our team’s contribution.”

TGS Baltic, alongside the international law firm Shearman & Sterling LLP, is currently representing the Vilnius city municipality and AB Vilniaus Šilumos Tinklai in a dispute with UAB Vilniaus Energija and France‘s Veolia Environnement, which previously managed the Vilnius’ heating infrastructure.