Lithuanian electricity transmission operator LITGRID AB (business ID 302564383, registered office address Viršuliškių skg. 99B 13, Vilnius, Lithuania), informs that on 11th December 2020 the opinion of the Audit Committee of the holding company UAB EPSO-G was received on the planned transactions with related party AB Ignitis gamyba:
- Tertiary active power reserve purchase and sale agreement (hereinafter referred to as the “Tertiary Reserve Agreement”);
- Isolated electricity system work service purchase-sale agreement (hereinafter referred to as the “Isolated Operation Service Agreement”) (hereinafter all together to as the “Transactions with related party”).
On 7th December 2020, the Audit Committee of EPSO-G UAB considered the Transactions with related party and stated that:
1.1. The conclusion of the Tertiary Reserve Agreement is in line with market conditions as a public auction was held prior to the conclusion of the Tertiary Reserve Agreement and the one of the auction winners (AB Ignitis Gamyba) was capped by the resolution of the National Energy Regulatory Council;
1.2. Tertiary Reserve Agreement is fair and reasonable to all shareholders of LITGRID AB taking into account the objective necessity of concluding the Tertiary Reserve Agreement and the reasonableness of the pricing of the Tertiary Reserve Agreement.
2.1. The conclusion of the Isolated Operation Service Agreement is in line with market conditions, as the price caps for the Isolated operation services for 2021 have been set for the providers of the isolated operation by the resolution of the National Energy Regulatory Council;
2.2. The Isolated Operation Service Agreement is fair and reasonable with respect to all shareholders of LITGRID AB taking into account the objective necessity of concluding the Isolated Operational Service Agreement and the reasonableness of the pricing of the Isolated Operation Service Agreement.
The individual authorized by LITGRID AB to provide additional information:
Jurga Eivaitė
Communications project manager
phone: +370 613 19977
e-mail: jurga.eivaite@litgrid.eu