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Litgrid investments ensure system reliability and new business opportunities

Vilnius, Lithuania, 2016-11-30 12:15 CET (GLOBE NEWSWIRE) -- Investments in the
electricity transmission grid open up new markets and create business
opportunities. This oblige Litgrid consistently achieve better financial
results, as Daivis Virbickas, the CEO of Lithuanian electricity transmission
system operator Litgrid noted in the event "CEO meets Investor". 

“Being the backbone of electricity sector, we have to ensure reliable
opportunities for power logistics every day. Our financial results determine
the intensity of investments into system reliability, such as grid
reconstruction projects or new power lines and that is a great
responsibility”,- Mr. Virbickas said. 

Income of Litgrid Group for the nine months of 2016 totalled EUR 123 million, a
69% increase compared with the same period of previous year. The Group’s net
profit increased 3.5 times, totalling EUR 12.4 million. Such financial results
were largely determined by increase in transmission revenue, connection of new
producers and other operating income as well as congestion revenues. 

Litgrid implemented several important grid development projects in 2016. The
first digital substation in the Baltic countries was connected to Lithuanian
power system in Vidiskiai, as a reflection of technological progress in the
energy sector. Four wind parks, generating 180 megawatts of electricity were
connected to the grid. The construction of a new power line from Kretinga to
Benaičiai began in September. This line will ensure even distribution of power
flows in the Northwest Lithuania. 

In the coming years, Litgrid will focus on projects related to synchronisation,
grid reconstruction and opportunities for second power links with Sweden and
Poland. 

Enclosed is Daivis Virbickas presentation for the event “CEO meets Investor”.


         Vilija Railaitė, Head of Communications
         Phone: +370 613 19977
         e-mail: vilija.railaite@litgrid.eu

Attachments:

Litgrid - backbone of power sector CEO meets investor.pdf