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2021-12-17

Regarding the opinion of the Audit Committee

Lithuanian electricity transmission operator LITGRID AB (company code 302564383, registered office address Karlo Emilio Gustavo Manerheimo st. 8, Vilnius, Lithuania), informs that on 16^th December 2021 the opinion of the Audit Committee of the holding company UAB “EPSO-G” was received on the planned transactions with the related party AB “Ignitis gamyba”:
- Tertiary active power reserve purchase and sale agreement (hereinafter referred to as the “Tertiary Reserve Agreement”);

- Isolated electricity system work service purchase and sale agreement (hereinafter referred to as the “Isolated Operation Service Agreement”) (hereinafter all together to as the “Transactions with related party”).

On 16^th December 2021, the Audit Committee of UAB “EPSO-G” considered the Transactions with related party and adopted the following decisions by means of a survey:

After evaluating all the submitted information of LITGRID AB, the Audit Committee of UAB “EPSO-G”, in accordance with Article 37² of the Law on Companies of the Republic of Lithuania, gives an opinion on the planned Tertiary Reserve Agreement:

The conclusion of the Tertiary Reserve Agreement is in line with market conditions as a public auction was held prior to the conclusion of the Tertiary Reserve Agreement and the one of the auction winners (AB “Ignitis Gamyba”) was capped by the resolution of the National Energy Regulatory Council and the upper limit of reserve power provision service price was set for 2022;
Tertiary Reserve Agreement is fair and reasonable to all shareholders of LITGRID AB taking into account the objective necessity of concluding the Tertiary Reserve Agreement and the reasonableness of the pricing of the Tertiary Reserve Agreement.

After evaluating all the submitted information of LITGRID AB, the Audit Committee of UAB “EPSO-G”, in accordance with Article 37² of the Law on Companies of the Republic of Lithuania, gives an opinion on the planned Isolated Operation Service Agreement:

The conclusion of the Isolated Operation Service Agreement is in line with market conditions, as the price caps for the Isolated operation services for 2022 have been set for the providers of the isolated operation by the resolution of the National Energy Regulatory Council;
The Isolated Operation Service Agreement is fair and reasonable with respect to all shareholders of LITGRID AB taking into account the objective necessity of concluding the Isolated Operational Service Agreement and the reasonableness of the pricing of the Isolated Operation Service Agreement.

2021-12-03

Regarding the publication of LITGRID AB interim information and Investor's Calendar for 2022

In 2022 LITGRID AB (company code 302564383, registered office at Karlo Gustavo Emilio Manerheimo Str. 8, Vilnius) financial results will be released according to the following calendar:

4^th February 2022 - interim information for the twelve months of 2021;
18^th March 2022 - audited annual report and audited annual financial statements for year 2021;
25^th March 2022 - notice of the convening of the Annual General Meeting of Shareholders;
20^th April 2022 - resolutions of the Annual General Meeting of Shareholders;
5^th May 2022 - interim information for the three months of 2022;
4^th August 2022 - interim information and half year report for the six months of 2022;
4^th November 2022 - interim information for the nine months of 2022.

2021-12-01

Decisions taken in the extraordinary general meeting of shareholders of LITGRID AB

The following decisions were adopted in the extraordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at Karlo Gustavo Emilio Manerheimo g. 8, Vilnius) on 1 December 2021:

Regarding approval of LITGRID AB Board’s decision No. 1 of 3 November 2021 (minutes No. 26)

1. To approve the creation of non-current assets by entering into “New synchronous condensers instalment works in the Lithuanian electric power system” design, production and installation works contract with the Lithuanian branch of Siemens Energy Oy, legal entity code 305427888, with its registered office is at J. Jasinskio str. 16C, 03163, Vilnius, Lithuania and Siemens Energy Global GmbH & Co KG, legal entity code HRA111200, with its registered office at Freyesleben str. 1, 91058, Erlangen, Germany (group of suppliers operating under a joint venture agreement).
2. To approve the essential terms and conditions of the Contract (according to the FédIC Internationale des Ingénieurs-Conceils, FIDIC) Terms and conditions of the construction and equipment contract (Yellow Book), first edition 1999 (second revised edition in Lithuanian, 2007):

2.1. Parties of the Contract – LITGRID AB, a company established and operating in accordance with the laws of the Republic of Lithuania, legal entity code 302564383, whose registered office is at Karlo Gustavo Emilio Manerheimo str. 8, LT-05131, Vilnius, data about the company is collected and stored in the Register of Legal Entities of the Republic of Lithuania, on the one hand, and
• Siemens Energy Oy Lithuanian branch, legal entity code 305427888, with its registered office at J. Jasinskio str. 16C, 03163, Vilnius, Lithuania;
• Siemens Energy Global GmbH & Co KG, legal entity code HRA111200, with its registered office at Freyesleben str. 1, 91058, Erlangen, Germany;

2.2. The object of the Contract The object of the Contract Design, production and installation of new synchronous condensers in the Lithuanian electric power system.

2.3. The term of the Contract is until the completion of the works or termination of the Contract;
Terms of work performance:
(a) Alytus TS – 22 months from the signing of the Contract;
(b) Telšiai TS – 22 months from the signing of the Contract;
(c) Neris TS – 2024-11-30.
(d) The Contract shall provide for the possibility of extending the time limits referred to in points (a), (b), (c) (12 months) if a full environmental impact assessment is required.

2.4. Contract price: SK installation contract - 87,749,947 Eur without VAT;
• Contract pricing – fixed price with review.
• Payment procedure: the advance is paid within 30 days of receipt of the advance payment guarantee. Other payments are made within 30 days of a properly submitted invoice. Will be paid in stages. The amount of each installment will be determined as a percentage of the contract price. Payments are made only for the completed stages of work:

Eil. No.	Part of the payment	% of Contract amount accepted
0	Advances	10
1	Technical designs and construction permits obtained	5
2	Ordered synchronous condensers and power transformer for work groups 2.1-2.3:
2.1	- Alytus TP	10
2.2	- Telšiai TP	10
2.3	- Neris TP	10
3	Brought and installed synchronous condensers and power transformers for work groups 3.1-3.3:
3.1	- Alytus TS	7
3.2	- Telšiai TS	7
3.3	- Neris TS	6
4	Equipped with SK and power transformers for work groups 4.1-4.3
4.1	- Alytus TS	7
4.2	- Telšiai TS	7
4.3	- Neris TS	6
5	Completed Project working Group
5.1	- Alytus TS	9
5.2	- Telšiai TS	9
5.3	- Neris TS	7

• Reserve – not applicable;
• Pricing Rules Annex 2 to the SK Installation Contract: “are intended to calculate the price of Additional Works and waived works, to adjust the Contract Price accordingly after making the Amendment, as well as to recalculate the Contract Price in accordance with the Law Amendments (Clause 13.7 [Amendments and changes in the Contract Price (Clause 13.8 [Adjustments on Price Change] of the Contract Terms) ”;

2.5. Liabilities security – Execution of the Contract is secured by the Bank's acceptable first call, unconditional and irrevocable guarantees:
(a) an advance payment guarantee equal to the amount of the advance payment (10% of the contract price).
(b) Contract performance guarantee – 10% from the Contract price without VAT.
(c) guarantee period guarantee:
in the first year – 10% from the Contract price without VAT;
in the second and third years – 5% from the Contract price without VAT.

2.6. Penalties (interest and fines) and losses:
(a) Penalties for delays in remedying defects in the quality of work: EUR 1 000 interest for each day of delay, calculated separately for each case of infringement;
(b) Penalties for disconnection of electrical equipment or change of the planned time of disconnection due to the fault of the contractor: a fine of EUR 10,000 for each such case for each disconnected equipment;
(c) Maximum amount of the fine for non-compliance with the obligations regarding the availability of the system: 10% of the Contract amount (excluding VAT);
(d) Maximum amount of the penalty for non-compliance with the obligations for guaranteed system losses: 10% of the Contract amount (excluding VAT);
(e) Penalties for non-compliance with the obligation to hold teleconferences and live meetings: a fine of EUR 1,000 for each breach;
(f) Penalties for non-compliance with road dust obligations: a fine of EUR 1,000 for each infringement;
(g) Penalties for non-submission and / or non-compliance with the progress report: EUR 1,000 interest for each day of delay;
(h) Penalties for non-compliance with obligations relating to alcoholic beverages and drugs: a fine of EUR 1,500 for each case of non-compliance;
(i) Penalties for late submission of the program: a fine of EUR 10,000 for late submission of the initial program. Interest of EUR 1 000 for each day of delay in submitting the updated program. The total liability for a delay in submitting a program or an updated program may not exceed EUR 50 000;
(j) Compensation for Delays: Penalties for missing the deadlines for the completion of the Works (Completion Time) at each substation – 0.04% of the price of the Works without VAT for each substation for each day; Penalties for failure to meet the deadlines for the performance of the Works (except for the deadlines for the completion of the final works) – 0.01% of the price of the Works without VAT for each substation for each day; the maximum amount of compensation for delay is 10% of the Contract price excluding VAT 10% of the Contract price (excluding VAT), calculated by summing up all compensation for delays;
(k) Penalties for delay in completing minor work in progress and / or rectifying defects: EUR 1 000 interest for each day, calculated separately for each breach;
(l) Penalties for delay in correcting defects within the time of Defect Notification: EUR 1,000 interest for each day, calculated separately for each case of violation;
(m) Interest on late payments: 0.04% of the amount due for each day of delay.
(n) Under the Contract, the Parties shall be liable only for direct losses incurred by the other Party and shall not be liable for indirect losses, including losses due to lost profits, lost profits or lost business opportunities, except as provided in the FIDIC Yellow Book.
(o) Limits on the parties' liability for direct damages under the Contract: the total liability of the Contractor will not exceed 100% of the Contract price; the total liability of the Customer will not exceed 100% of the Contract price.

3. Amounts of additional remuneration: upon proper performance of the Contractor and completion and transfer to the Customer in accordance with the Contract according to the Takeover Certificate of Alytus TP and Telšiai TP Group Works, as well as receipt of construction works of these two Groups time), the Client shall pay to the Contractor an additional remuneration of the amount specified in this paragraph for each full previous month of performance of the Works (from the date when the Contractor received both deeds of completion of the Works until the Contract performance deadline (Completion Time)): but not more than 4 months.
(a) after performing the Works 1 (one) month earlier – EUR 500,000.00;
(b) after performing the Works 2 (two) months earlier – EUR 1,000,000.00;
(c) after performing the Works 3 (three) months earlier – EUR 1,500,000.00;
(d) after performing the Works 4 (four) months earlier – EUR 2,000,000.00.

4. To authorize the General Director of LITGRID AB without a separate decision of the Board of LITGRID AB to make decisions on changing the essential term of the Contract – Contract price - by reducing the price without any restrictions or increasing the price by concluding additional works agreements, if the total amount of all additional works 4% (t.y. 3509997,88 Eur be PVM) of the original Contract price.

5. To oblige the General Director of LITGRID AB to inform the Board about the decisions made in paragraph 4 of this decision regarding the change of the essential term of the Contract before making such a decision by e-mail letter.

2021-11-17

Decisions taken in the extraordinary general meeting of shareholders of LITGRID AB

Regarding approval of LITGRID AB Board’s decision No. 4 of 26 October 2021 (minutes No. 25)

1. To approve creation (acquisition) of non-current assets by entering into “Construction of a new section of 330 kV overhead line from LN531 to LN 447” design and construction works contract with a group of economic entities, a group of suppliers consisting of UAB Connecto Lietuva, AS Connecto Eesti, AS Empower and UAB Empower - Fidelitas”. The Contract price Excluding VAT is EUR 17,350,000.00, with VAT – EUR 20,993,500.00.

2. To approve the essential conditions of the Construction of a new section of 330 kV overhead line from LN531 to LN 447 design and construction works Contract:

2.1. General Terms and Conditions – Contract Terms of the Contractor's Design and Construction Works, Design and Construction of Electrical and Mechanical Equipment and Equipment (Yellow Book), issued by the International Federation of Consulting Engineers (FIDIC), first edition 1999. (second revised edition in Lithuanian, 2007).

2.2. Object of the Contract: construction of a new section of 330 kV overhead line from LN531 to LN 447.

2.3. Deadline for completion of works – The works must be completed in full and properly completed by 01/02/2025.

Work stages:
Phase I (within 12 months from the conclusion of the contract) – to prepare a technical design and obtain construction permits;
Phase II (until 01/02/2025) – to prepare the project of the Object construction work, to perform and complete the Object construction Works, including all successfully performed tests, and to receive and submit to the Customer the Object construction completion acts.
2.4. The Contract is valid until the full fulfillment of the contractual obligations of the parties or termination of the contract.

2.5. The accepted Contract amount is the value of the tender according to the Contract price details of the procurement documents.

2.6. Contract Pricing and Payments – The Contract is subject to revised pricing. Each payment for the work performed will be agreed in advance as a percentage of the contract price. Payments will be linked to the intermediate results achieved.
2.6.1. Contract Price Adjustments Due to Changed Cost Prices – Amounts payable to the Contractor for Contract Works may be recalculated only if the value of the monthly construction cost price index “Engineering Structures” (Index) published by the Department of Statistics of the Republic of Lithuania changes:
(A) more than 10% in any 12 - month period, or
(B) more than 15% in any period after the issuance of the building permit, if no annual indexation has been carried out during that period.
2.6.2. Amendments to the Contract Price due to amendment of the Laws – The Contract Price will be recalculated if the Laws or their interpretation change after the conclusion of the Contract and as a result the Contractor's Costs (Contract Execution Costs) increase or decrease. The Contractor will not be entitled to a profit from the Increased Costs. The contract price will be recalculated to take account of VAT increases or decreases due to VAT Laws. Changes in the legislation governing taxes other than VAT will not affect the price of the Contract.

2.7. Payment Procedure – Payments to the Contractor will be made only after the Engineer (or Customer) confirms that all conditions attached to the regular payment have been met. Payment term – within 30 days from the date of submission of the Contractor's invoice.

2.8. Reserve – not applicable.

2.9. Advance payment (advance) – The Contractor will be entitled to an advance payment (advance) of 5% of the amount of the Contract accepted, exclusive of VAT. The advance payment must be refunded by deducting 5% from each Payment Certificate. Deductions must be made until the prepayment is fully refunded. In any case, the last outstanding payment of the advance, regardless of its amount, shall be deducted in the last Payment Certificate in accordance with the Agreement.

2.10. Retention percentage and amount of money withheld – 10% of the amount payable is deducted from each Contractor's VAT invoice until the amount of money withheld is reached at 10% of the amount of the Contract accepted (excluding VAT).

2.11. Collateral:
2.11.1. Contract Performance Security (Performance Guarantee) – The Contractor will be required to provide the Client with a Contract Performance Security (Performance Guarantee). The amount of the guarantee must be 10% of the Accepted Contract amount for the entire Project (excluding VAT).
2.11.2. Guarantee period guarantee – The amount of the guarantee for the first year is 10% of the contract price (excluding VAT), for the second and third years 5% of the contract price (excluding VAT).

2.12. Responsibility:
2.12.1. Compensation for delay – For stage I delay - 0.04% of the accepted Contract amount for stage I, for each day, is paid in euros. For Phase II delays – 0.04% of the Accepted Contract amount for Phase II, for each day, shall be paid in euros.
2.12.2. Penalties for delay in completing minor work in progress and / or correcting defects – 1000 Eur for each day of violation, calculated for each case of violation.
2.12.3. Penalties for delay in correcting defects within the time of Notification of Defects – 1000 Eur for each day of the violation, calculated for each case of violation.
2.12.4. Penalty for delay in submitting a program or updated program – a fine of EUR 100 for late submission of a program or updated program. The total liability for the delay in submitting the updated program may not exceed EUR 10,000.
2.12.5. Penalty for non-coordination of the technical project documentation with the Customer due to the fault of the Contractor within 3 times – 400 Eur for each re-adjustment of the documents exceeding the 3-time adjustment limit.
2.12.6. Penalty if it is established that the Contractor's staff or employees of third parties for whom the Contractor is responsible are intoxicated with alcohol, narcotic, toxic and / or psychotropic substances - 1500 EUR in each case.

2.13. General Limits of Liability – The following limits will apply to the liability of the Parties for direct damages under the Agreement:
2.13.1. The total liability of the Contractor shall not exceed 100% of the amount of the Contract accepted;
2.13.2. The Contractor's liability for delays shall not exceed 10% of the amount of the Contract accepted;
2.13.3. The total liability of the Customer will not exceed 100% of the amount of the Accepted Contract.

3. To authorize the General Director of LITGRID AB without a separate decision of the Board of LITGRID AB to make decisions on changing the essential term of the Contract – Contract price - by reducing the price without any restrictions or increasing the price by concluding additional works agreements, if the total amount of all additional works 3 % (i.e EUR 520 500 excluding VAT) of the original Contract price.

4. To oblige the General Director of LITGRID AB to inform the Board about the decisions made in paragraph 3 of this decision regarding the change of the essential term of the Contract before making such a decision by e-mail letter.

Regarding approval of LITGRID AB Board’s decision No. 5 of 26 October 2021 (minutes No. 25)

1. To approve creation (acquisition) of non-current assets by entering into “330 kV airline Darbėnai-Bitėnai construction works” design and construction works contract with a group of economic entities consisting of public limited companies Kauno tiltai and UAB Litenergoservis. The Contract price Excluding VAT is EUR 46,930,000.00, with VAT – EUR 56,785,300.00.

2. To approve the essential conditions of the “330 kV airline Darbėnai-Bitėnai construction works“ design and construction works Contract:

2.1. General Terms and Conditions – Contract Terms of the Contractor's Design and Construction Works, Design and Construction of Electrical and Mechanical Equipment and Equipment (Yellow Book), issued by the Fédération Internationale des Ingénieurs-Conceils (FIDIC), first edition 1999. (second revised edition in Lithuanian, 2007).

2.2. Object of the Contract: construction works of 330 kV overhead line Darbėnai-Bitėnai.
2.3. Deadline for completion of works – The works must be completed in full and properly completed by 01/05/2025.

Work stages:
Phase I (within 12 months from the conclusion of the contract) – to prepare a technical design and obtain construction permits;
Phase II (until 01/05/2025) – to prepare the project of the Object construction work, to perform and complete the Object construction Works, including all successfully performed tests, and to receive and submit to the Customer the Object construction completion acts.

2.4. The Contract is valid until the full fulfillment of the contractual obligations of the parties or termination of the contract.

2.5. The accepted Contract amount is the value of the tender according to the Contract price details of the procurement documents.

2.6. Contract Pricing and Payments – The contract is subject to revised pricing. Each payment for the work performed will be agreed in advance as a percentage of the contract price. Payments will be linked to the intermediate results achieved.
2.6.1. Contract Price Adjustments Due to Changed Cost Prices – Amounts payable to the Contractor for Contract Works may be recalculated only if the value of the monthly construction cost price index “Engineering Structures” (Index) published by the Department of Statistics of the Republic of Lithuania changes:
(A) more than 10% in any 12 – month period, or
(B) more than 15% in any period after the issuance of the building permit, if no annual indexation has been carried out during that period.
2.6.2. Amendments to the Contract Price due to amendment of the Laws – The Contract Price will be recalculated if the Laws or their interpretation change after the conclusion of the Contract and as a result the Contractor's Costs (Contract Execution Costs) increase or decrease. The Contractor will not be entitled to a profit from the Increased Costs. The contract price will be recalculated to take account of VAT increases or decreases due to VAT Laws. Changes in the legislation governing taxes other than VAT will not affect the price of the Contract.

2.7. Payment Procedure – Payments to the Contractor will be made only after the Engineer (or Customer) confirms that all conditions attached to the regular payment have been met. Payment term - within 30 days from the date of submission of the Contractor's invoice.

2.8. Reserve – not applicable.

2.12. Responsibility:
2.12.1. Compensation for delay – For stage I delay – 0.04% of the accepted Contract amount for stage I, for each day, is paid in euros. For Phase II delays – 0.04% of the Accepted Contract amount for Phase II, for each day, shall be paid in euros.
2.12.2. Penalties for delay in completing minor work in progress and / or correcting defects – 1000 Eur for each day of violation, calculated for each case of violation.
2.12.3. Penalties for delay in correcting defects within the time of Notification of Defects – 1000 Eur for each day of the violation, calculated for each case of violation.
2.12.4. Penalty for delay in submitting a program or updated program – a fine of EUR 100 for late submission of a program or updated program. The total liability for the delay in submitting the updated program may not exceed EUR 10,000.
2.12.5. Penalty for non-coordination of the technical project documentation with the Customer due to the fault of the Contractor within 3 times – 400 Eur for each re-adjustment of the documents exceeding the 3-time adjustment limit.
2.12.6. Penalty if it is established that the Contractor's staff or employees of third parties for whom the Contractor is responsible are intoxicated with alcohol, narcotic, toxic and / or psychotropic substances – 1500 EUR in each case.
2.13. General Limits of Liability – The following limits will apply to the liability of the Parties for direct damages under the Agreement:
2.13.1. The total liability of the Contractor shall not exceed 100% of the amount of the Contract accepted;
2.13.2. The Contractor's liability for delays shall not exceed 10% of the amount of the Contract accepted;
2.13.3. The total liability of the Customer will not exceed 100% of the amount of the Accepted Contract.

3. To authorize the General Director of LITGRID AB without a separate decision of the Board of LITGRID AB to make decisions on changing the essential term of the Contract – Contract price - by reducing the price without any restrictions or increasing the price by concluding additional works agreements, if the total amount of all additional works 3 % (i.e EUR 1 407 900 excluding VAT) of the original Contract price.

2021-11-05

LITGRID AB publishes results for the nine months of 2021

LITGRID AB, company code 302564383, registered office address Karlo Gustavo Emilio Manerheimo str.8, Vilnius, Lithuania publishes results of the Company for the 9 months of 2021.

The main financial results for the nine months of 2021:

Revenue – EUR 172.4 million (9 months of 2020 – EUR 149,1 million);
EBITDA – EUR 41,3 million (9 months of 2020 – EUR 36,5 million);
Net profit – EUR 20,9 million (9 months of 2020 – EUR 18,5 million).

The main non-financial indicators for the nine of 2021:

Energy transmitted – 7,959 TWh (9 months of 2020 – 7,337 TWh);
Average interruption time, AIT (under the responsibility of transmission system operator) – 0,099 min. (9 months of 2020 – 0,195 min.);
Energy not supplied, ENS (under the responsibility of transmission system operator) – 2,823 MWh (9 months of 2020 – 5,78 MWh).

Attachments:

1. LITGRID AB Interim financial statements for the nine months of 2021.

2. Press release.

2021-10-01

National Energy Regulatory Council set the price cap for electricity transmission

LITGRID AB (company code 302564383, registered office address Karlo Gustavo Emilio Manerheimo st. 8, Vilnius, Lithuania), notifies that on 1 October 2021 the National Energy Regulatory Council (hereinafter – NERC) set a price cap of 0.684 ct/kWh for high-voltage electricity transmission services for 2022, which is 5.1 percent lower compared to the one set for the year 2021 (0.721 ct./kWh).

The new price cap will take effect from 1 January 2022, since it was approved in accordance with the new wording of the Methodology for determining the price caps for electricity transmission, distribution and public supply services approved by the NERC on 30 September 2021.

Based on the new electricity transmission price cap, the Board of LITGRID AB will adopt the decision on the prices of the electricity transmission services for the year 2022.

2021-09-27

Regarding the change of LITGRID AB registered and correspondence address

LITGRID AB (company code 302564383) informs about the change of Company’s registered and correspondence address. In accordance with Vilnius City Municipal Council decision No. 1-950 (https://aktai.vilnius.lt/document/30355325) dated 12 May 2021 Company’s new registered address is Karlo Gustavo Emilio Manerheimo st. 8, LT-05131 Vilnius, Lithuania.

Other contact information of the Company did not change.

2021-09-06

Decisions taken in the extraordinary general meeting of shareholders of LITGRID AB

The following decisions were adopted in the extraordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at Viršuliškių skg. 99B, Vilnius) on 6 September 2021:

Regarding approval of LITGRID AB Board’s decision No. 2 of 13 August 2021 (minutes No. 21)
1. To approve creation (acquisition) of non-current assets by entering into a 330/110/10 kV Neris TP reconstruction design and construction works Contract with Žilinskis ir Co, UAB (legal entity code: 304317232, registered office address: Ateities pl., 31, LT-52167, Kaunas. The Contract price excluding VAT is EUR 18 217 000, with VAT – EUR 22 042 570;
2. To approve the essential conditions of the 330/110/10 kV Neris TS reconstruction design and construction works Contract:

2.1.  The subject of the Contract is the reconstruction of 330/110/10 kV Neris TS.
2.2.  Payment procedure – in accordance with the standard General Terms and Conditions of the LITGRID AB procurement Contract for design and construction works, approved in 2020 May 14 by Order No. of the Director General IS-73.
2.2.1.             The Contract price will be paid by the Customer according to the VAT invoices issued by the Contractor, the Contract provides that the Contract price will be paid in installments according to the Worksheet, the basis for For the quantities of Works recorded in the Deed of Works performed, except for the actually performed engineering research and Technical project preparation works, which are paid according to the prices of these Works offered at the Contractor's Purchase (VAT invoice must correspond to these amounts specified in the Contractor's tender and Works Journal);
2.2.2.             The Contractor shall issue and submit a VAT invoice only electronically no later than within 2 working days from the date on which the basis for issuing it arises. VAT invoice - invoice is provided to the Customer by the means chosen by the Contractor: The Contractor may submit an electronic invoice - invoice complying with the requirements of EU Directive 2014/55 or provide another electronic invoice using the information system “E. account ”;
2.2.3.             The Customer will pay the duly issued and submitted VAT invoice (after deducting the amounts withheld in accordance with Section 6.4 of the Conditions) within 30 days from the date of its receipt;
2.2.4.             The Customer will withhold all interim payments to the Contractor according to the submitted VAT invoices, which will exceed 90 percent of the initial Contract price;
2.2.5.             The amounts withheld will be paid by the Customer to the Contractor within 30 days after: a) the Contractor will perform, transfer to the Customer and complete all Works or the Contract will be terminated; b) provide security for the guarantee obligations (it must be provided in accordance with Section 8.9 of the Conditions); c) eliminate all defects of the Works identified prior to the performance of the Contract or termination of the Contract; and d) fulfill all the conditions specified in Clause 9.3.8 of the Conditions (applicable only in case of termination of the Contract);
2.2.6.             An advance payment of 5% of the initial Contract price shall be paid to the Contractor when the Contractor is required by the Contract to prepare the Technical Design and to carry out the Reconstruction or New Construction Works.
2.3.  Maturity of liabilities.
Deadline for completion of works - within 43 months from the date of conclusion of the Contract. The term of performance of works may be extended by 6 months by written agreement of the Parties. 8.6. under the conditions and in accordance with the procedure laid down in

Work stages:
Phase I (within 11 months from the conclusion of the Contract) - construction permits received.
Phase II (within 32 months from the conclusion of the Contract) - reconstruction works of Phase I have been performed (according to clauses 4.9.2, 4.9.3 of the design task).
Phase III (within 42 months from the conclusion of the Contract) - reconstruction works of Phase II have been performed (according to item 4.9.4 of the design task).
Phase IV (within 43 months from the conclusion of the Contract) - received Construction Completion Acts.

2.4. Termination of the Contract.
The Customer has the right to terminate the Contract unilaterally, without going to court, notifying the Contractor thereof not later than 30 calendar days in advance, if the Government of the Republic of Lithuania adopts a decision confirming that the Contract does not meet national security interests.

2.5. Term of the Contract.

The Contract is valid until the full fulfillment of the contractual obligations of the parties or termination of the Contract.

2.6. Execution of the Contract will be ensured by a first demand, unconditional and irrevocable bank guarantee acceptable to the Customer. The amount of security is 10%. from the original Contract price (excluding VAT).

3. To authorize the General Director of LITGRID AB without a separate decision of the Board of LITGRID AB to make decisions on changing the essential term of the Contract - Contract price - by reducing the price without any restrictions or increasing the price by concluding additional works agreements, if the total amount of all additional works % (i.e EUR 546 510 excluding VAT) of the original Contract price.

2021-08-06

LITGRID AB, company code 302564383, registered office address Viršuliškių skg. 99B, Vilnius, Lithuania delivers results of the Company for the 1st half of 2021:

Revenue for the 1st half of 2021 – EUR 112.4 million (the 1st half of 2020 – EUR 101.5 million);
Profit before taxes for the 1st half of 2021 – EUR 20.5 million (the 1st half of 2020 – EUR 15.7 million);
Net profit for the 1st half of 2021– EUR 17.4 million (the 1st half of 2020 – EUR 13.6 million).
EBITDA (earnings before interest, taxes, depreciation and amortisation) for the 1st half of 2021 amounted to EUR 31.8 million, an increase of 21.6 % in comparison with the 1st half of 2020 (EUR 26.2 million).

Attached:

1. AB LITGRID Interim report and financial statements as of 30 June 2021

2. Press release.

2021-05-17

The following decisions were adopted in the extraordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at Viršuliškių skg. 99B, Vilnius) on 17 May 2021:

Regarding approval of the investment decision of the implementation phase of the Harmony Link Interconnector Project
1. To approve the investment decision of the implementation phase of the Harmony Link Interconnector Project

2021-05-05

Lithuanian electricity transmission system operator LITGRID AB (company code 302564383, registered office address Viršuliškių skg. 99B, Vilnius, Lithuania) is publishing results of the Company for the three months of 2021.

Key financial indicators for the 3 months of 2021:

Revenue – 61,8 million euros (2020 – 53,4 million euros);
EBITDA – 19,4 million euros (2020 – 15,9 million euros);
Net profit – 11,5 million euros (2020 - 9,1 million euros).

Key performance indicators for the 3 months of 2021:

Transmitted electricity – 2,897 TWh (2020 – 2,647 TWh);
Average interruption time (AIT) for which the operator is responsible – 0,035 min. (2020 – 0,111 min.);
Amount of energy not supplied (ENS) for which the operator is responsible – 1,104 MWh (2020 – 3,303 MWh);

Attached:

2021-03-16

Lithuanian electricity transmission operator LITGRID AB (company code 302564383, registered office address Viršuliškių skg. 99B, Vilnius, Lithuania) is publishing results of the Company for the three months of 2021.

Key financial indicators for the 3 months of 2021:

Revenue – 61,8 million euros (2020 – 53,4 million euros);
EBITDA – 19,4 million euros (2020 – 15,9 million euros);
Net profit – 11,5 million euros (2020 - 9,1 million euros).

Key performance indicators for the 3 months of 2021

Transmitted electricity – 2,897 TWh (2020 – 2,647 TWh);
Average interruption time (AIT) for

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