General meeting of shareholders
Decisions taken in the Extraordinary general meeting of shareholders of LITGRID AB
The following decisions were adopted in the Extraordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at A. Juozapavičiaus g. 13, Vilnius) on 20 May 2019:
In accordance with the clause 38 (viii) of the Articles of Association of LITGRID AB, to approve the decision by the Board of LITGRID AB dated 26 April 2019 as follows:
1. To agree with signing of the Contract on Future Conditions for Synchronous Merger of Electric Energy Systems of the Baltic States and Continental Europe (Contract) under the following essential conditions:
1.1. The Contract’s parties are Baltic operators, supporting party – PSE, and at least two operators of Regional Group Continental Europe (RGCE).
1.2. The purpose of the Contract is to safeguard that the Baltic electricity transmission system would satisfy the requirements defined in the Continental Europe Synchronous Area Framework Agreement (SAFA).
1.3. The Contract defines rights and obligations of the operators of electricity transmission networks of the Baltic States and continental Europe in implementation of the tools regarding connection of the Baltic electricity transmission system to the Continental Europe Synchronous Area.
1.4. The Contract is valid until 31 Dec 2025. The Baltic operators have a right to extend the Contract for 3 more years.
1.5. In order to guarantee compliance with SAFA, the Contract states that the Baltic States have to fulfil certain technical requirements specified in the Catalogue of Measures.
1.6. Synchronization with CEN also demands for the following actions:
- To disconnect the Baltic electric energy systems from the network IPS/UPS, to cancel the BRELL agreement, if it is agreed, to enter into an agreement on asynchronous work with IPS/UPS synchronous area.
- To test isolated work of the Baltic transmission system;
- To test synchronous work of the Baltic transmission system with the system of continental Europe.
1.7. Financing – the operators from the Baltic States agree to finance the measures specified in the Catalogue of Measures and other obligations undertaken hereby for their own account and/or using the funds of other organizations that are providing financial support to the operators of the Baltic transmission system
1.8. fines for non-implementation/improper implementation of contractual obligations are provided. Only direct losses caused by violation of the Contract’s provisions shall be reimbursed. They shall be limited to 5 million euros per year for each party of the Contract;
1.9. The Contract may be terminated by the initiative of RGCE countries if the violation makes the Contract’s implementation impossible and/or damage exceeds 5 million euros and is not covered by the country at default;
1.10. The Belgian law shall be applicable to the Contract.
2. This decision comes into effect when the regional work group of ENTSO-E Continental Europe approves the signing of the Contract on Future Conditions for Synchronous Merger of Electric Energy Systems of the Baltic States and Continental Europe and the essential conditions.
- Extract from the Board resolution of LITGRID AB dated 26/04/2019.
The individual authorized by LITGRID AB to provide additional information:
Head of Communication Division
phone: +370 613 19977