News & events

2021-11-05

Litgrid three-quarter results for 2021: system reliability indicators improved, increased revenue as the volume of power transferred increased

The demand for electricity transmission services in Lithuania increased in the first nine months of 2021, with an 8.5% increase in the volume of electricity transmitted compared to the same period last year. In the first nine months of this year, the revenues of Litgrid, the Lithuanian electricity transmission system operator, amounted to EUR 172.4 million, 15.6% higher than in the same period last year. System reliability indicators continued to improve.
“The increase in electricity transmission is mainly due to the country's recovering economy. Lithuania's gross domestic product in January-September was 5.2% higher than in the same period last year, reflecting the increased performance of the electricity transmission system operator. A reliably operating and developing transmission system allows us to continue to successfully achieve our key goal of synchronising Lithuania's energy system with the Western European grids by 2025,” said Rokas Masiulis, Litgrid CEO.
According to Mr. Masiulis, the completion rate of the synchronisation programme currently stands at 38.7%. This year, all three major synchronisation projects have achieved a breakthrough: the procurement of synchronous compensators is being finalised, all the essential preparatory works for the Harmony Link maritime link between Lithuania and Poland have been completed, and the Baltic Gateway to the West project, LitPol Link, is already in the final stages of completion. In the latter, the last of the three new 600 MVA autotransformers will be tested, and the project will be completed. Litgrid will also complete the optimisation of the North-Eastern Lithuanian grid this year, with the 330 kV substations of the Utena and Ignalina NPP transformer substations already switched on after reconstruction. Reconstruction of the 330 kV lines Klaipėda-Grobinė and Jurbarkas-Bitėnai is also underway, and the site planning for the new 330 kV substation “Mūša” in the Joniškis district has been completed.
The system works reliably
In the first nine months of the year, the main reliability indicators of the electricity transmission system have improved, both in terms of average interruption time (AIT) and energy not supplied (ENS). The AIT was 0.099 minutes, compared to 0.195 minutes last year. Meanwhile, the ENS this year was 2.823 MWh compared to 5.78 MWh last year. The qualitative values of this year's indicators exceed Litgrid 2021 targets approved by the State Energy Regulatory Board to keep AIT within 0.29 minutes and ENS within 6,300 MWh for the whole year.
“We are focused on improving system reliability. This year’s results were driven by network improvements - both investments in network reliability and the installation of the new equipment, increasing the capacity of substations, as well as consistent work with transmission operators from other countries in managing the system”, said R. Masiulis.
In the first nine months of the year, the overall availability of the interconnectors with Sweden (NordBalt) and Poland (LitPol Link) was 96.35% and 84.88% respectively. LitPol Link availability decreased compared to last year due to planned maintenance work in May and temporary disconnections during the completion of the LitPol Link extension project. 
Operating results, investments
The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) were EUR 41.3 million, 13% higher than in the first nine months of 2020. The increase in EBITDA was driven by a €19.1 million improvement in the balance of income and expenses from system services compared to the previous period.
The company's net profit was €20.9 million, an increase of 12.93% compared to €18.5 million at the same time in 2020.
In the first 9 months of 2021, Litgrid investments amounted to EUR 27.8 million, of which 52% was allocated to the implementation of strategic and nationally important electricity projects, and 48% was allocated to the reconstruction and development of the transmission grid and operational support.