Litgrid Group’s results for the first six months of 2019
LITGRID AB, company code 302564383, registered office address A. Juozapavičiaus 13, Vilnius, Lithuania.
Revenue earned by the Litgrid group in the first half of 2019 amounted to EUR 97.7 million, a 7% increase compared to same period of 2018.
Litgrid revenue from electricity transmission increased by 5% up to EUR 34.8 million compared to 2018. Revenue from electricity transmission accounted for 36% of the Group’s total revenue. Income growth was driven by 5% higher average actual electricity transmission price, as the amount of transmitted electricity remained almost unchanged at 5 150 million kWh
“The results for the first half of 2019 show stable performance of the group companies. Almost all income groups were growing, and costs were increasing due to the objective reasons (higher volume of system services and electricity market prices). We are pleased with the increase in congestion revenues, which reached EUR 12.8 million (EUR 5 million more than in 2018), which will be invested in the Synchronization project and will not increase the electricity transmission tariff. We are very positive about the results of the international NordBalt and LitPol Link interconnections, consistent focus on maintenance and last year's warranty repair of NordBalt has paid off – the availability of the NordBalt link was 100% in the first half of this year, LitPol Link - 99.98 %,” said Daivis Virbickas, CEO of Litgrid.
The volumes of transmission to customers of the electricity distribution operator amounted to 4 684 million kWh (-0.23% compared to the same period of 2018), and to other customers 466 million kWh (+1.75 % compared to the same period of 2018).
The Continental Europe Regional Group of the European Electricity Transmission System Operators Association ENTSO-E announced in late May that electricity transmission operator of Poland, the three Baltic countries and supporting countries have signed a connection agreement and the Catalogue of Measures for Lithuania, Latvia and Estonia to become part of the European electricity network.
During the first half of the year Litgrid continued to focus on Synchronization with Continental Europe networks: in cooperation with the Polish transmission system operator launched market consultations on the purchase of services, continued line reconstruction and preparatory work for new airlines and substations and innovation in the battery storage system.
Litgrid announced an international procurement tender for the installation of an experimental battery storage system to test the ability of batteries to control frequency and ensure stability in the Lithuanian power system in preparation for joint operation with the Continental European Network.
The individual authorized by Litgrid AB to provide additional information:
Head of Communication Division
Phone: +370 613 19977