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Litgrid Group‘s Financial Results for Nine Months of 2014 Published

During the first nine months of 2014, Litgrid Group’s total income was LTL 300 million, which is 28% less compared with the same period in 2013. Revenues from electricity sales account for 51% (LTL 152.9 million) of the total revenues.
The decrease in the income has been mainly determined by lower electricity transmission tariff approved by the Price Commission for 2014, which has been reduced by 9%, as well as the system service tariff rate, which in 2014 is less than half compared to the previous year. Revenues from regulating electricity and system services have dropped 55% over the nine months of 2014.
“The current regulatory mechanism, that was valid this year and but has been extended into the year 2015, predetermines losses for the company. A constructive discussion over improvements of regulation is necessary, and we are ready for it,” says Rimantas Busila, Member of the Board and Director of Financial Department of Litgrid.
During the reporting period the Group‘s costs dropped 19%. The greatest cost reduction (39%) has been recorded for the electricity and related services purchase costs, compared with the nine months of 2013.
Costs of purchasing electricity and related services (LTL 127.3 million) accounted for 41% of total costs of the Group.
The Group’s EBITDA for the nine months of 2014 was LTL 89.7 million; the EBITDA margin decreased from 31.6% in 2013 to 29.8%.
The Group‘s losses before tax for the nine months of 2014 totalled LTL 14.4 million, with the system services and transmission segments operating at a loss.
To meet the domestic demand, 6844 million kilowatt hours of electricity was transmitted via high-voltage electricity transmission networks in the period of January – September 2014; this is nearly the same amount as in the same period of 2013.
The largest share of investments in the nine months of 2014 – 68% or LTL 104.5 million, was earmarked for the implementation of strategic projects. Investments in the transmission network reconstruction and development were LTL 49.4 million (32% of total investments).  
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