Photo of Judita Grigelyts (V).
Lithuanian electricity transmission system operator Litgrid in 2024. in the first quarter, preparations for synchronization with continental European grids were completed: a strategic project necessary for preparation was completed and reliable electricity transmission was ensured.
There is less than a year left until the strategic goal of energy independence is to separate from the Russian-controlled electricity system and join the continental European synchronous zone. At the beginning of the year, we continued to carry out preparations successfully and on schedule. At the beginning of the year, the automatic generation control system installation project was completed. At the end of the quarter, we finished the first stage of the reconstruction of the transformer substation in Neris and connected the renovated part of the substation. Many other currently implemented projects are nearing completion, where they will reach the end of the year or next year, Rokas Masiulis, head of Litgrid, is quoted in the report.
According to unaudited data, in 2024 In the first quarter, Litgrid’s income reached 113 million. Eur. Compared to the same period last year, they were 30.1% higher, the operator announced.
Revenues from electricity transmission (revenues include congestion control used for tariff changes) decreased by 29% to 37.7 million. Eur.
On average, the actual transmission price increased 2 times during the year, but the income was determined by the fact that in 2023 in the first quarter, 35.6 million were used for changing the tariff. Eur overload control hair.
Income from additional services increased 5.5 times to 40.7 million. Eur. The main reason for the change is the 5.5 times higher price of additional services set in VERT due to the planned higher costs.
Income from balancing activities increased by 40% to 34.1 million. Eur, however, the system balancing service provided by the operator is always zero-profitable, that is, the change in income has no bearing on the amount of profit (loss), since this income only covers the actually incurred losses.
in 2024 The company’s profit before wages, taxes, depreciation and amortization (EBITDA) in the first quarter was 29.4 million. Eur, 49.2% more than last year at the same time when EBITDA reached 19.7 million. Eur.
Adjusted EBITDA (after making adjustments due to the temporary regulatory deviation from the approved amount of VERT) reached 12.8 million. Eur. In comparison, in 2023 Adjusted EBITDA for the first quarter was 9.4 million. Eur.
Adjusted EBITDA increased mainly in 2024. an additional component for the financing of investments is determined in the transfer income.
Net profit in 2024 reached 21.5 million in the first quarter. Eur, 66.7% more than in 2023. sauskov, when the net profit reached 12.9 million Eur. The higher profit was mainly due to the better result of additional services, lower costs of compensating technological losses and better financial performance, the negative results were due to lower electricity transmission income and worse result of other transmission activities.
Corrected in 2024 the net profit of the first quarter reached 7.4 million EUR, 84% more than last year in the same period, when the adjusted net profit was EUR 4.0 million. Eur.
Litgrid 2024 investments in the first quarter amounted to 38.8 million EUR, of which 64% is allocated to the implementation of strategic and state-important electric power projects, 36% to the reconstruction and development of the transmission network, and operational support.
Overload control hair in 2024. in the first quarter it was 30 million. Eur and compared to the same period last year, it was 43% higher.
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