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Litgrid reports revenue growth in 2012 Q1

Litgrid Group reported revenue of LTL 124.5 million for January-March 2012, or an increase of 14.7% from January-March 2011 when it was at LTL 108.5 million. 
Net profit for the first quarter of 2012 reached LTL 15.3 million, the group said. The Group's profitable activity is mostly attributed to a LTL 14.2 million increase in revenue from electricity transmission and associated services. Revenue from electricity energy transmission accounted for almost half (48%) of the total revenue posted by the group.
"Litgrid Group income growth is partly attributed to the freezing winter temperatures that determined 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 increased for three consecutive years compared with up to a 27% increase in the European electricity energy transmission rate. 
In the first three months of 2012, Litgrid’s investments reached LTL 31.8 million. The major part of the investments (78%) was earmarked for the implementation of strategic projects, while the remaining part of the investments was allocated for the reconstruction and development of the transmission network.
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 LitPolLink (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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