As electricity transmission price dropped and its demand increased, last year the income of the transmission system operator “Litgrid” increased by 19 %. Decreased electricity revenues was weight out by balancing electricity and system service income. Net profit was affected by the revaluation of assets at the end of the year in line with the decisions of the regulator.

In the year 2018, Litgrid volumes of electricity transmission via high-voltage networks for national needs amounted for 10 491 kilowatt-hours (kWh), which is 5 % more than in 2017. The volumes of transmission to customers of the electricity distribution operator amounted to 9 413 million kWh (+4.7 % compared to the same period of 2017), and to other customers 1 077 million kWh (more by 7.3 % compared to the year 2017).


Revenue earned by the Litgrid group in 2018 amounted EUR 190.6 million, a 19 % increase compared to 2017.

Revenue from electricity transmission decreased by 2.6 % (down to EUR 66.5 million) compared to 2017. The actual average price for electricity was by 7.2 % lower than in 2017, but the loss of revenue was compensated by the increased demand of electricity. 

Income from balancing/regulating electricity increased by 49 % to EUR 26.4 million. The increase has largely resulted from the growth in the balancing/regulating electricity sales volumes, which, in turn, was largely determined by securing the allocated capacity of the power links with Sweden and Poland.

Income from system services grew by 39 % to EUR 59.1 million. The growth drivers were: increase of the tariff for system services by 35 % (decision of the National Commission on Energy Control and Prices from 1 January 2018), the volume of service provided which grew by 4 % and the overexceeded declared volume of services (contracted), which is charged double price.

Congestion revenue from the Lithuanian-Polish, the Lithuanian-Swedish and the Lithuanian-Latvian interconnections increased by 27 % in 2018 compared to 2017 and amounted to EUR 12.9 million.

Profit and expenses

The EBITDA of the Group for 2018 amounted to EUR 32,6 million. Compared to 2017, the EBITDA decreased EUR by 7.9 million, or by 20 %; the EBITDA margin decreased to 17.2% (2017 – 25.3 %).

In accordance with the decision of the National Commission for Energy Control Prices (to adjust the amount of compensated capital costs for 2016-2017 determined by the LRAIC method) made 2018 October 2 and the possible impact of this decision on future cash flows, at the end of 2018 the tangible fixed assets revaluation was made resulting in EUR 56.27 million impairment.

The Group’s net profit for 2018 (not including asset revaluation) was EUR 4.2 million (2017 - EUR 9.6 million). Including the asset revaluation, the net loss was EUR 39.2 million. 

Not including long term assets revaluation, the Group’s expenses totaled EUR 184.4 million in 2018, what is 25 % more compared to 2017. This change was mainly driven by the 48 % increase in the costs of purchase of electricity and related services which account for the largest share of all expenses.


In 2018 investments of Litgrid amounted to EUR 18.9 million, of which 25 % were earmarked for the implementation of strategic electric energy projects of high economic importance to the State, and 75 % for the reconstruction and development of the electricity transmission grid.

New connection

At the end of 2018 heads of Polish and Lithuanian Transmission System Operators, PSE and LITGRID, signed Initial Cooperation Agreement, being the commitment of both TSOs to undertake development activities in the Preparation Phase of the project of construction of new Polish-Lithuanian submarine HVDC cable named “Harmony Link”.

Initiation of the works on the “Harmony Link” is directly linked to the Political Roadmap for synchronizing the Baltic States’ electricity grid with Continental Europe, the agreement signed on 28 June 2018 by the President of European Commission and Heads of State and Government of Lithuania, Latvia, Estonia and Poland. The technical solution for synchronizing Baltic States’ system by target date of 2025 consisted of the synchronization via the existing line between Lithuania and Poland (LitPol Link), complemented by a new submarine cable.

The individual authorized by Litgrid AB to provide additional information:

 Jurga Eivaitė

Head of Communication Division

 phone. +370 613 19977