Vilnius, Lithuania, 2016-11-30 12:15 CET (GLOBE NEWSWIRE) -- Investments in the electricity transmission grid open up new markets and create business opportunities. This oblige Litgrid consistently achieve better financial results, as Daivis Virbickas, the CEO of Lithuanian electricity transmission system operator Litgrid noted in the event "CEO meets Investor".
“Being the backbone of electricity sector, we have to ensure reliable opportunities for power logistics every day. Our financial results determine the intensity of investments into system reliability, such as grid reconstruction projects or new power lines and that is a great responsibility”,- Mr. Virbickas said.
Income of Litgrid Group for the nine months of 2016 totalled EUR 123 million, a 69% increase compared with the same period of previous year. The Group’s net profit increased 3.5 times, totalling EUR 12.4 million. Such financial results were largely determined by increase in transmission revenue, connection of new producers and other operating income as well as congestion revenues.
Litgrid implemented several important grid development projects in 2016. The first digital substation in the Baltic countries was connected to Lithuanian power system in Vidiskiai, as a reflection of technological progress in the energy sector. Four wind parks, generating 180 megawatts of electricity were connected to the grid. The construction of a new power line from Kretinga to Benaičiai began in September. This line will ensure even distribution of power flows in the Northwest Lithuania.
In the coming years, Litgrid will focus on projects related to synchronisation, grid reconstruction and opportunities for second power links with Sweden and Poland.
Enclosed is Daivis Virbickas presentation for the event “CEO meets Investor”.
Vilija Railaitė, Head of Communications
Phone: +370 613 19977
e-mail: vilija.railaite@litgrid.eu
