LITGRID AB - Notification on material event

Chairman of the Board of Litgrid has been elected

Vilnius, Lithuania, 2013-09-10 12:52 CEST (GLOBE NEWSWIRE) -- On 10th September
2013 the first meeting of the new Board of the Lithuanian electricity
transmission system operator Litgrid AB (company code - 302564383, legal status
- public company, registered address: A. Juozapavičiaus str. 13, Vilnius,
Vilnius city municipality, the Republic of Lithuania, data about the company
are collected and stored at Vilnius branch of VĮ Registrų Centras, Division of
Registry of Legal Entities) took place. During the meeting of the Board, Mr.
Daivis Virbickas has been elected as a Chairman of the Board and a new CEO of
Litgrid. 

The fields of responsibility of the Board members were split as follows:

Chairman of the Board Mr. Daivis Virbickas is in charge of strategic management
and power system operation, member of the Board Mr. Karolis Sankovski is in
charge of strategic electricity grid projects, member of the Board Mr.
Vidmantas Grušas is in charge of transmission grid management, member of the
Board Mr. Rimantas Busila is in charge of the finance management. 

“The new Board of the Company consists of highly-experienced specialists of
their field; therefore, we hope that they will contribute to ensuring the
continuity of company's operations: the development of power grid
infrastructure and implementation of the national energy independency strategy
in the field of electricity energy, including timely implementation of the
projects of power links with Poland and Sweden.Another key objective set for
the new Board by the Supervisory Board is the creation of the transparent
system of the use of transmission tariff funds”, notes Chairman of the
Supervisory Board of Litgrid, Vice-Minister of Energy of the Republic of
Lithuania Dr. Aleksandras Spruogis. 

Chairman of the Board Mr. Daivis Virbickas has an extensive experience of
developing and managing the transmission system strategies, electricity market
analysis as well as business management. 

“My key objectives in Litgrid will enclude assurance of transparent and
effective use of electricity transmission tariff funds, smooth and timely
development of the electricity transmission grid, timely implementation of the
strategic projects of power links with Poland and Sweden, fully fledged
integration in the European electricity market and power system. We will
continue our responsible international participation in drafting the new
European network codes together with other European transmission system
operators”, says Daivis Virbickas, CEO and the Chairman of the Board of the
electricity transmission system operator  Litgrid. 

Virgilijus Poderys, former CEO of Litgrid since December 2010, will take the
position of the advisor to the Board in order to ensure the continuity of the
Company policy. 

“The Ministry of Energy of Lithuania appreciates the contribution of Mr.
Virgilijus Poderys in developing electricity system of Lithuania and
implementing strategic international projects. We expect that the collaboration
with Mr. Poderys will continue and his valuable experience will be helpful in
implementation of other significant strategic projects“, states Chairman of the
Supervisory Board of Litgrid, Vice-Minister of Energy of the Republic of
Lithuania Dr. Aleksandras Spruogis. 


         Laura Šebekienė
         Head of Communications
         Ph. + 370 693 65377,
         Email: laura.sebekiene@litgrid.eu