According to “Litgrid”, according to unaudited data, income from electricity transmission decreased by 29 percent. up to 37.7 million euros.
“The average actual transmission price increased 2 times during the year, but the decrease in income was caused by the fact that in the first quarter of 2023, 35.6 million were used to reduce the tariff. EUR congestion management revenues,” the release reads.
Income from additional services increased 5.5 times to 40.7 million. euros. According to Litgrid, the main reason for the change is the 5.5 times higher price of additional services set by the State Energy Regulatory Council (VERT) due to the planned higher costs.
Income from balancing activities increased by 40 percent. up to 34.1 million euros, however, as noted in the report, the system balancing service provided by Litgrid is always zero-profitable.
The company’s profit before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of this year was 29.4 million. euros. This is 49.2 percent. more than last year at the same time, when EBITDA reached 19.7 million. euros.
Adjusted EBITDA amounted to 12.8 million. euros. Compared to last year, adjusted EBITDA for the first quarter of the year was 9.4 million. euros.
“The adjusted EBITDA was mainly increased by the additional component for investment financing set in the 2024 transmission income,” Litgrid informed.
The net profit in the first quarter of this year reached 21.5 million. euros. This is 66.7 percent. more than in January-March 2023, when the net profit reached 12.9 million euros.
“The higher profit was mainly due to the better result of additional services, lower costs of compensation for technological losses and better result of financial activities. Lower electricity transmission revenues and worse results of other transmission activities had a negative impact on the results,” the report reads.
Adjusted net profit for the first quarter of 2024 was 7.4 million. euros. This is 84 percent. more than last year in the same period, when the adjusted net profit was 4 million. euros.
Litgrid’s investments in the first quarter of this year amounted to 38.8 million. euros. 64 percent of them intended for the implementation of strategic and state-important electricity projects, 36 percent. – for the reconstruction and development of the transmission network, for operation support.
Congestion management revenues in the first quarter of 2024 were 30 million. euros and, compared to the same period last year, was 43 percent. bigger ones.
