News & events

2013-03-28

Outstanding results in 2012 for Litgrid

The Litgrid Group’s revenue in 2012 was 508.4 million LTL, while profit before taxes was 31 million LTL. The electricity transmission system operator’s primary operations key performance indicator—electricity transmission reliability—compares favourably to European electricity transmission companies’ best results.
 
“Litgrid’s most important goals are reliable electricity transmission and the implementation of strategic projects. When conducting work that carries so much responsibility and has so much importance to the entire country, our team of employees’ professionalism, responsibility, and goal orientation are especially important. Last year we worked effectively and with a great deal of drive, which is why we finished the year profitably, and we made such a great progress with our strategic electricity projects over the year that this year we are already beginning their implementation,” said Litgrid managing director Virgilijus Poderys.
 
In 2012, planning work for the LitPol Link and NordBalt international electricity connections continued, and compensation payments according to easement establishment contracts were completed to land owners whose property is found on the power connection construction routes. In Sweden, more than 100 miles of NordBalt sea cable were produced, and the production and installation contractor for the most important LitPol Link connection unit, the HVDC converter station, was selected by means of an international tender.
 
“Last year we organized more than 50 meetings with various communities to present our current and future projects. It is important to us that the nationally important projects we are implementing are understandable and acceptable to the people through whose neighbourhoods the new electricity transmission lines will pass,” says Mr. Poderys. Residents were given information about the progress of on-going infrastructure projects, electromagnetic fields, and their effects; the Lithuanian electricity transmission network development plan was presented; and public seminars on the development of the electricity market in Lithuania and the region were organized.
 
As part of the implementation of the Baltic Energy Market Interconnection Plan (BEMIP), the Lithuanian bidding area of the Nordic power exchange Nord Pool Spot was established in June 2012. Results from the first half year of operations have demonstrated changes in the electricity import structure—an increasing amount of electricity is being imported from Estonia and Northern European countries.
 
Last year, a resolution of the Government of the Republic of Lithuania authorized Litgrid to implement a plan for the interconnection of the Lithuanian power system with the European continental network. While implementing this strategic project, Litgrid, along with Latvia’s and Estonia’s electricity transmission system operators, are preparing a technical specifications and feasibility study on the interconnection of the energy systems of the Baltic States with continental European networks, the results of which will be presented at the end of 2013.
 
Litgrid is continuing its Junior Specialists programme. Working with universities, the smartest graduates are selected to be invited to begin their careers with the country’s main electricity company. “Young people have a chance to not only learn from the experience of the best energy specialists but also to prepare to manage the county’s electricity system, which after 2015 will be optimally connected with other European electricity systems. This is a challenge we are already preparing for,” said Mr. Poderys.
 
Main Litgrid Group key performance indicators 2012  2011 
Revenue 508.4 million LTL 434.8 million
Pre-tax profit 31 million LTL -19.7 million
EBITDA margin 30.5% 25.6%
Investments 140.3 million LTL 159.9 million LTL
Average return on equity 1.6% -0.9%
Average return on assets 1% -0.7%
END electrical transmission reliability index (amount of energy not delivered due to system disconnections) 7.36 MWh 7.55 MWh
 
The Litgrid Group’s revenue grew 16.9% to 508.4 million LTL in 2012. EBITDA (earnings before interest, taxes, depreciation, and amortization) was 30.5 %, or 155.3 million LTL.
 
The Litgrid Group’s return on assets increased from 0.7% to 1 %, while return on equity increased from 0.9% to 1.6%.
 
The Group’s investment for the year was 140.3 million LTL. The largest portion, 69%, was invested in transmission network renovation and development, while 31% went to implementation of strategic projects.
 
Litgrid transferred 9.239 billion kilowatt hours (kWh) of electricity by means of high-voltage electricity transmission networks in 2012. That made up 43.2% of the Litgrid Group’s revenues.
 
The Litgrid Group is made up of the Litgrid Lithuanian electricity transmission system operator, the Baltpool Lithuanian energy exchange, and Tetas, a company that conducts electricity equipment technical maintenance.
 
More information about annual results of Litgrid group you can find here
 
To top