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Litgrid reports income growth in 2012 Q1

Litgrid Group reported LTL 124.5 million in revenue for January-March 2012, which is an increase of 14.7% compared to January-March 2011 when it was at LTL 108.5 million.
The net profit of the “Litgrid” group reached LTL 15.3 million in the 1st quarter of 2012. The profitability of the Group’s activities was largely due to electricity transmission and other coherent services’ revenue, which increased by LTL 14.2 million. Revenue from electricity energy transmission accounted for almost half (48%) of the total income posted by the group.
“Litgrid Group’s revenue growth is partly attributed to the freezing winter temperatures that determined the higher electricity demand and larger amounts of electricity transferred”, Litgrid Director General Virgilijus Poderys commented. In January-March 2012, Litgrid transmitted 2.47 billion kWh of electricity for domestic needs via high-voltage electricity grids.
Mr Poderys noted that, due to an efficient network management, the electricity transmission tariff dropped by as much as 30% in 2008-2011, and has not been rising for three consecutive years compared with an up to 27% increase in the European electricity energy transmission rate.
During the first 3 months of 2012, investments of the Litgrid constituted LTL 31.8 million. The main share of the investments – 78% – went to the implementation of strategic projects, while the rest was assigned to reconstructing and expanding the transmission grid.
As part of the preparation for the construction of the international electricity interconnection NordBalt (Lithuania-Sweden), in February of 2012 Litgrid signed the contract for the reconstruction of the Klaipėda transformer substation. In the framework of the electricity interconnection project LitPol Link (Lithuania-Poland), a technical design contract was signed for the reconstruction of the Alytus transformer substation and, in the beginning of the year, the commencement of the construction works of the 330 kV electricity transmission line Klaipėda-Telšiai was announced.
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