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2017-11-23

Litgrid Group‘s Results for Nine Months of 2017

Litgrid Group has retained sustainable financial results and maintained high indicators of electricity transmission reliability and service quality in nine months of 2017.
Growing electricity demand and lower transmission tariff impacted revenue increase from the transmission services by 1.1% to EUR 50.3 million in nine months of 2017 as compared to the same period in 2016. The National Commission for Energy Control and Prices had set a 2.75% lower tariff rate for the electricity transmission services for 2017, however, growth of this type of income was maintained by larger electricity transmission volumes.
„Income from the transmission services increased due to a consistent growth in the demand for electricity in Lithuania. In nine months of 2017, we have transmitted 7,358 TWh of electricity through our system - 3.3% more that in the same period of 2016. We forecast 2017 to be a record year of electricity consumption in Lithuania since 1992.“, - Daivis Virbickas, Litgrid CEO.
Income from system services has grown 20.7% to EUR 31.3 million. The main growth driver was a 17% higher tariff for the system services set by the National Commission on Energy Control and Prices.
 
Actual ENS (Energy not supplied) was 1.34 MWh and AIT (Average Interruption Time) was 0.05 min in nine months of 2017. These reliability indicators are better that European average for transmission system operators.
 
Litgrid Group’s income for the nine months of 2017 was EUR 117.1 million, a 4.9% decrease compared to the same period of 2016 due to lower income from balancing and other electricity-related services.
The Group’s costs in nine months of 2017 totalled EUR 107 million, which is 1% less compared to the same period of 2016.
Litgrid Group’s EBITDA in nine months of 2017 amounted to EUR 30.2 million; EBITDA margin was 25.8%. The net profit of the Group in nine months of 2017 was EUR 7.3 million.
In nine months of 2017, investments of Litgrid amounted to EUR 19 million, with 57% of them earmarked for the implementation of strategic energy projects and 43% for the reconstruction and development of the national electricity transmission grid.
 
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