In 2021, the revenues of EPSO-G, the group of energy transmission and exchange companies, amounted to EUR 363 million, signifying an increase of 33% compared to EUR 272 million in 2020. The Group’s performance was driven by the increase in revenues from electricity and gas transmission activities last year, the successful operation of the gas and biofuel exchanges, and the smooth implementation of strategic infrastructure development projects, including the Physical Barrier on the border with Belarus.

The Group’s revenues from electricity transmission activities in 2021 amounted to EUR 270.6 million and were 30% higher than in 2020. Revenues from gas transmission and related services and the organisation of natural gas trading grew by 31% to EUR 68.6 million in 2021.

EPSO-G Group’s net profit remained stable last year at EUR 39.4 million, while in 2020 it generated EUR 40.1 million. The Group’s EBITDA grew to EUR 80.8 million and was 9% higher than that in 2020 (EUR 74.4 million).

‘The country’s rapid economic development has led to a significant increase in the Group’s business volumes. The successful implementation of the Group’s strategy approved last year led to the completion of two synchronisation projects with continental European electricity networks (the extension of the LitPol Link interconnector and the optimisation of the North-Eastern Lithuanian network), as well as to the completion of the construction work of the GIPL gas pipeline in Lithuania which connects our country with Poland, that have been going on since January 2020. At the end of the summer, EPSO-G and the Group company Tetas started work on the Physical Barrier at the Belarusian border’, commented Algirdas Juozaponis, Director of Finance of EPSO-G and Acting CEO of the Group.

Last year, the investments of the EPSO-G Group, which implements the country’s strategic energy infrastructure projects, amounted to EUR 97.1 million. Group’s company Amber Grid invested EUR 42.6 million in the gas transmission system this year, while Litgrid invested EUR 51.5 million. Last year, EPSO-G presented the Group’s strategy covering the period up to 2030, which was developed in line with the expectations of its shareholder. As part of the new strategy, the Group plans to invest around EUR 1.8 billion by 2030.

EPSO-G has reduced its liability to AB Ignitis Group for the acquisition of Litgrid shares in 2012 by EUR 65 million over the course of 2021, and stood at EUR 84.1 million at the end of December.

Many of the Group’s key indicators showed significant growth: the volume of electricity transmitted grew by 8.4% to 11 terawatt-hours (TWh) this year, while the volume of natural gas traded on the natural gas exchange increased by a tenth to 8 TWh. The volume of biofuel traded on the Energy Exchange grew by 6% to 5.8 TWh last year. Lithuania’s gas supply this year was 24 TWh or 4% less than the same time last year. In total, 26 TWh of natural gas was transported to Lithuanian, Baltic and Finnish consumers this year, excluding gas transported to the Kaliningrad region.

Tetas, an EPSO-G Group’s company, generated around EUR 6.5 million in revenue from the construction of the Physical Barrier on the border with Belarus. Most of this project is being carried out on a ‘de-minimis’ basis, so the impact on the profitability of the company and the Group as a whole is limited. EPSO-G will soon be in the middle of constructing of said physical barrier; currently, the length of the concertina barrier is around 240 kilometres and more than 70 kilometres of 4 metre high fence segments have been built. This figure includes both the concertina built under the EPSO-G project and the barrier previously built by the military, firefighters and other companies.

Energy cells, a company established at the beginning of 2021, is successfully implementing an energy storage system project. In October, the company signed a contract with Siemens Energy and Fluence, working in a joint venture, for the design, manufacture and installation of a 200 megawatt (MW) and 200 megawatt-hour (MWh) system, as well as for the operation and maintenance of this system. The system, which will provide Lithuania with an instantaneous standby power reserve, is planned to be installed by the end of 2022.

As of 31 December, 2021, 1278 employees worked in the Group.