2023 Material events
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LITGRID Notification on material event
05 10 2023
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LITGRID AB informs on commenced arbitration
LITGRID AB (company code 302564383, registered office address Karlo Gustavo Emilio Manerheimo St. 8, Vilnius, Lithuania) has been informed that legal proceedings have been initiated at the Arbitration Institute of the SCC against multiple transmission system operators, including LITGRID AB. The legal proceedings have started due to a fact that the operators in compliance with the international sanctions have stopped payments. Taking into account the rules of the Arbitration Institute of the SCC, more detailed information at this point is considered confidential.
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LITGRID Notification on material event
02 10 2023
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The National Energy Regulatory Council has set the price cap for electricity transmission for 2024
LITGRID AB (company code 302564383, registered office address Karlo Gustavo Emilio Manerheimo St. 8, Vilnius, Lithuania), notifies that on September 29th, 2023, the National Energy Regulatory Council set the price cap of 1.329 ct/kWh for high-voltage electricity transmission services. This represents a 103 percent increase compared to the cap set for 2023 (0.654 ct/kWh). The change is attributed to the use of accumulated congestion management revenues in 2023 to amortize the price growth. Excluding the influence of the congestion management revenues, the price cap for 2024, compared to the set for 2023, is 32 percent lower.
The new price cap will take effect from January 1st, 2024, 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 May 26th, 2022.
Based on the new electricity transmission price cap, the Board of LITGRID AB will adopt the decision on the price of the electricity transmission service for the year 2024.
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LITGRID Notification on material event
21 08 2023
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Notification regarding legal dispute
LITGRID AB (identification code 302564383, registered office placed at Karlo Gustavo Emilio Manerheimo str. 8, LT-05131, Vilnius) (hereinafter – LITGRID, the Company) informs that Vilnius Regional Court (hereinafter – the Court) announced that it received a claim from UB GG LTU S23 requesting the Court to recognise the Company's decision of 10 June 2022 to refuse to conclude a letter of intent and the response of 14 July 2022 regarding the refusal to conclude the letter of intent as illegal and to revoke them, to order EUR 19 768 535 in damages and incurred litigation costs from LITGRID.
According to UAB GG LTU S23, the Company's decision of June 10, 2022, to refuse to conclude a letter of intent with it in accordance with the issued pre-conditions of connection is unfounded and illegal, therefore the plaintiff lost the opportunity to develop the solar power plant park and suffered losses of EUR 19 768 535 as a result.
The Company will analyse the arguments of the claim and will make decisions about further actions in accordance with the procedure established by legal acts.
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Decisions taken in the ordinary general meeting of shareholders of LITGRID AB
The following decisions were adopted in the ordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at Karlo Gustavo Emilio Manerheimo st. 8, Vilnius) on 11 April 2023:
- LITGRID AB annual report for 2022.
The annual report of LITGRID AB on the activities of the company for 2022 is taken into account (annexed).
- Independent auditor's report on LITGRID AB 2022 set of financial statements and annual report.
Independent auditor's report on LITGRID AB 2022 set of financial statements and annual report is taken into account (annexed).
- Approval of LITGRID AB financial statements of 2022.
The financial statements of LITGRID AB of 2022 is approved (annexed)”.
- Approval of LITGRID AB profit (loss) distribution of 2022.
The profit (loss) distribution for the year 2022 of LITGRID AB is approved (annexed)”.
- Approval of LITGRID AB renumeration report of 2022.
The remuneration report of LITGRID AB of 2022, which is part of the annual LITGRID AB 2022 report, is approved.
- Approval of the new wording of LITGRID AB Articles of Association
6.1. The new LITGRID AB Articles of Association are approved (attached).
6.2. The Chief Executive Officer of LITGRID AB (with the right to sub-delegate) is authorized to sign the amended Articles of Association in accordance with the procedure established by legal acts and to register them in the Register of Legal Entities of the Republic of Lithuania, to submit and collect documents, to perform all necessary actions related to the implementation of this decision of the general meeting of shareholders.
ANNEXES:
- LITGRID AB financial statements for 2022, prepared in accordance with the International Financial Reporting Standards adopted by the European Union, together with the conclusion of the independent auditor and annual report;
- Profit (loss) distribution project for 2022;
- LITGRID AB Articles of Association.
