News & events

2013-05-30

Litgrid’s 2013 Q1 results keeps up with successful previous year

The pre-tax profit of Litgrid Group made up LTL 24.4 million in 2013 Q1, compared with LTL 18.2 million in 2012 Q1. Litgrid in 2013 Q1 continues the trend of successful operation since last year, as the profit of LTL 31 million in 2012 was gained after having the loss of LTL 19.7 million in 2011. Positive results were achieved without having to raise the electricity transmission tariff, which, in fact, fell by 13 per cent from 2010 to 2012.
 
“The most important indicator of the key activity of the electricity transmission system operator, namely the security of electricity transmission, has been improving for the three consecutive years. With such results we can rank ourselves among the best performing European electricity transmission system operators in Europe”, states Virgilijus Poderys, the CEO of the electricity transmission system operator “Litgrid”.    
 
The electricity transmission outage indicator (amount of electricity not transmitted due to system outages) has improved gradually since 2010 and stood at 7.36 MWh last year. The sophisticated reconstruction of the electricity transmission grid and the optimisation of dispatcher control in 2012 led to the faultless operation of the system.
 
Litgrid Group’s investments in 2013 Q1 amounted to LTL 34.3 million, with 64 per cent invested in the implementation of strategic projects and 36 per cent in the reconstruction and development of the electricity transmission grid. The first half of 2013 saw a major breakthrough in the implementation of strategic electric energy projects.  
 
All permits were obtained for building the Lithuania-Sweden NordBalt interconnection facilities, the preparatory works for the construction itself will begin this year. A temporary road will be built in the nearest future to link the Curonian Lagoon with the Baltic Sea and horizontal drilling into the Curonian Spit and the bottom of the Curonian Lagoon will be carried out.
 
All permits required for the construction of the overhead electricity line for the Lithuanian-Polish electricity interconnection LitPol Link are obtained. An international agreement on the construction of a HVDC back-to-back converter station, the key component of the project, was signed in February.
 
As the implementation of major energy infrastructure projects may affect people’s interests, Litgrid continues a dialogue with society. The Company held over 100 meetings with the owners of properties that have or are going to have electricity transmission lines in the neighbourhood.
 
The Lithuanian bidding area of the electricity exchange Nord Pool Spot has been operating for almost a year now. In 2013 Q1, Lithuania bought 62 per cent of the entire country’s electricity demand in the Nord Pool Spot Lithuanian bidding area. Next week Nord Pool Spot is going to open a bidding area in Latvia. So the Baltic electricity market will become interconnected and electricity surplus in one country could be used to reduce electricity prices in other countries.  
 
Litgrid Group is comprised of Litgrid, the Lithuanian electricity transmission system operator, Baltpool energy exchange and Tetas, the provider of technical maintenance of electrical equipment.
 
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