The turnover of the EPSO-G energy transport and exchange group of companies for the first half of the current year amounts to 243.7 million euros and represents an increase of 61.6 % compared to 150.9 million euros in the same period last year. The cessation of gas imports from Russia this year has led to a significant increase and a substantial change in gas flows in Lithuania and the region, which has led to increased revenues from transmission and system balancing . The increase in electricity prices has led to an increase in the Group’s revenues from system balancing services.
This year, after Lithuania stopped importing natural gas from Russia, the LNG terminal in Klaipėda became the main source of gas for the Baltic States, which led to a significant redistribution of gas flows. More gas is transported to Latvia and, since May this year, also to Poland. Transporting gas to adjacent transmission networks has increased revenues and changed their structure. In January-June of this year, the EPSO-G group’s revenues from the transport of natural gas amounted to 56.5 million euros, an increase of 78.6% compared to the first half of the year. last.
In the first half, 9.6 TWh of gas were delivered to Lithuania, excluding gas transit to the Kaliningrad region. This is a decrease of 35% compared to last year. However, 7.8 TWh of gas was transported to Latvia in the first half of the year alone, 14 times more than in the first half of 2021.
Power transmission key performance indicators remained relatively stable this year. 5.3 terawatt-hours (TWh) of electricity were transported through the country’s high-voltage transmission networks to meet the needs of the population and businesses in January-June, a decrease of 1.5% compared to the same period last year. However, balancing revenues were multiplied by 2.8 to 53 million euros, thanks to an increase in the average selling price of electricity.
Participants in the GET Baltic gas exchange, which operates in Lithuania, Latvia, Estonia and Finland, concluded 13,100 transactions, an increase of 10% compared to the first half of last year. The volumes traded amounted to 3.7 TWh over the first six months of the year, down by about a fifth compared to the same period last year. This is due to warmer weather and high natural gas prices.
In January-June, Lithuanian heat supply companies, independent heat producers and industrial enterprises purchased 2.7 thousand GWh of biofuel from the Baltpool Energy Resources Exchange. This is an increase of 21.8% compared to the same period in 2021.
EPSO-G’s EBITDA for the period January-June amounted to EUR 13.7 million, around 72% less than the same period last year. The Group recorded a loss of approximately 4.5 million euros, with a net profit of 28 million euros for the first six months of 2021. These results are due to an increase in costs, mainly due to prices significantly higher energy averages, but also to a temporary reduction in transmission tariffs due to the return of revenue surpluses from previous periods to users of the transmission network.
During the first six months of the year, the EPSO-G group invested 15 million euros in infrastructure. Amber Grid, a group company, has invested 3.8 million euros in the gas transmission system this year, while Litgrid has invested 10.5 million euros this year.
EPSO-G launched a sustainable bond on the capital markets in June, raising 75 million euros. This is the first sustainability-related bond issue in the Baltic countries. The five-year bond with a yield of 3.117% was bought by institutional investors from Lithuania, Latvia, Estonia and Sweden. The European Bank for Reconstruction and Development bought almost a third of the issue for 22.5 million euros. The bonds were listed on Nasdaq’s Baltic Debt List.
The EPSO-G group of companies consists of the holding company EPSO-G, its five directly owned subsidiaries Amber Grid, Baltpool, Energy cells, Litgrid and Tetas, and the indirectly controlling GET Baltic. As of June 30, the Group had 1,361 employees.
For more details, please contact
Antanas Bubnelis, EPSO-G Communications Manager
Such. : +370 699 23404, e-mail: [email protected]