Vilnius, Lithuania, 2014-05-30 14:38 CEST (GLOBE NEWSWIRE) -- In January–March 2014, the total income of the Litgrid Group was LTL 110.7 million or 15 per cent less compared to that of the first three months of 2013. The fall in income was caused by the 9 per cent lower electricity transmission and 55 per cent lower systemic services tariffs that were set by the National Commission for Energy Control and Prices on 1 January 2014.
Over the first three months of 2014, Litgrid, while fulfilling the function of the electricity transmission system operator, transmitted 2.4 billion kilowatt-hours (kWh) of electricity, meeting the needs of the country, via high-voltage facilities. A short winter meant a lower demand for electric energy and thus, in comparison with the respective period of 2013, 3.5 per cent less electricity was transmitted.
In the first quarter of 2014, the earnings before taxes of the Litgrid Group reached LTL 3 million, whereas during the same period in 2013 the earnings before taxes amounted to LTL 23.5 million. This decrease in earnings was largely determined by the results of the segment of systemic services provision.
In Q1 2014, the investments of the transmission system operator reached LTL 19.1 million. 45 per cent of them were targeted at the implementation of strategic electricity projects, and 55 per cent at the renovation and further development of the country's transmission network. Litgrid is implementing strategic Lithuanian electricity projects - the international power links “NordBalt” (Lithuania-Sweden) and “LitPol Link” (Lithuania-Poland), furthermore, Litgrid is also responsible for the full integration of the country's power system in the continental European grid and the common European electricity market.
Litgrid Group is comprised of the electricity transmission system operator AB Litgrid, UAB Baltpool that organises the power resources market, UAB Tetas, which carries out technical maintenance of electrical equipment, and UAB Tinklo Priežiūros Centras, which provides the services of control and operation of electricity links.
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