Special obligations

PSO funds administration activities

Baltpool, a company belonging to the EPSO-G Group, was designated by Resolution No. 1338 of the Government of the Republic of Lithuania of 7 November 2012 “On the appointment of the administrator of funds for public service obligations in the electricity sector” to perform a special obligation as of 1 January 2013 – to carry out the functions of the administrator of funds for public service obligations (PSO) in the electricity sector and ensure the proper and lawful collection, disbursement, repayment and administration of PSO funds.

Baltpool carries out this activity, which is included in the list of special obligations performed by state-owned enterprises and their subsidiaries approved by Order No. 4-193 of the Minister of the Economy and Innovation of the Republic of Lithuania of 16 March 2021 (hereinafter – the List of Special Obligations), in accordance with the Law on Electricity of the Republic of Lithuania, the Law on Energy from Renewable Sources of the Republic of Lithuania, the Description of the Procedure for the Provision of PSO Services and Determination of Their Scope approved by Resolution No. 916 of the Government of the Republic of Lithuania of 18 July 2012, the Description of the Procedure for the Administration of PSO Funds approved by Resolution No. 1157 of the Government of the Republic of Lithuania of 19 September 2012 (hereinafter – the Description of the Procedure for the Administration of PSO Funds), and other legal acts regulating the administration of PSO funds.

Key performance indicators related to PSO funds administration

The objective of PSO funds administration activities is to ensure the proper and lawful collection, disbursement, repayment and administration of PSO funds. To achieve this objective, Baltpool places particular emphasis on ensuring the proper safeguarding of PSO funds balances, the smooth and transparent collection and disbursement of PSO funds, and appropriate representation of Baltpool in legal disputes related to the administration of PSO funds.

Taking into account the obligations imposed on the company by applicable legislation as the administrator of PSO funds, as well as its documents governing business planning, compliance and risk management, Baltpool identified and, in the first half of 2026, as in 2025, monitored the proper implementation of the following target key performance indicators related to the administration of PSO funds.

All indicators were achieved at 100% in both the reporting period (the first half of 2026) and the previous reporting period (the first half of 2025)*:

PSO prices

The legislation governing the administration of PSO funds does not entitle Baltpool to earn a profit from carrying out this activity. In accordance with the provisions of the Description of the Procedure for the Administration of PSO Funds, the costs incurred by Baltpool in carrying out PSO funds administration activities are covered from the PSO funds collected, but may not exceed 1/12 of the amount allocated for the administration of PSO funds and approved by VERT for the current calendar year. This amount is determined annually in accordance with the PSO Price Methodology approved by VERT by Resolution No. O3-279 of 28 September 2012 (hereinafter – the PSO Price Methodology). Baltpool accounts for PSO funds administration activities separately from the accounting of its other activities. VERT determines the PSO prices for the following calendar year and the amounts of PSO funds payable to persons providing PSO services in the current calendar year in accordance with the PSO Price Methodology.

In 2025, in accordance with the PSO Price Methodology, Baltpool submitted to VERT the data required to determine the need for PSO funds and PSO prices for 2026. By Resolution No. O3E-1591 of 31 October 2025, VERT allocated EUR 237 thousand to cover Baltpool’s PSO funds administration costs incurred in 2026 (in 2025, VERT allocated EUR 208 thousand by Resolution No. O3E-1353 of 30 October 2024) and set a negative PSO price of EUR 0.044 ct/kWh excluding VAT for all persons for 2026 (in 2025, a negative PSO price of EUR 0.039 ct/kWh excluding VAT was set for all persons).

In terms of individual PSO prices, for 2026, the price for the service specified in Article 74(2)(1) of the Law on Electricity of the Republic of Lithuania (generation of electricity using renewable energy sources) is EUR 0.044 ct/kWh excluding VAT (2025: EUR 0.039 ct/kWh excluding VAT), while the price for the services specified in Article 74(2)(2–8) of the Law on Electricity of the Republic of Lithuania is EUR 0 ct/kWh (2025: also EUR 0 ct/kWh).

The forecast of PSO funds cash flows, together with other PSO funds administration reports and detailed information on PSO, is publicly available on the Baltpool website: reports and PSO funds administration.

Results of PSO funds administration activities

The balance of PSO funds administration activities as at 30 June 2026 and 31 December 2025 (PSO funds cash balance, PSO funds receivable and related liabilities) is presented in the table below:

(All amounts in EUR thousand, unless otherwise stated)	30 June 2026	31 December 2025	Change
(All amounts in EUR thousand, unless otherwise stated)	30 June 2026	31 December 2025	+/-	%
PSO funds receivable under administration	21 434	25 302	-3 868	-15
VAT receivable	639	295	344	117
PSO funds cash balance	3 527	6 273	-2 746	-44
Total:	25 600	31 870	-6 270	-20
PSO funds payable	107	3 979	-3 872	-97
Accrued PSO funds payable	25 493	27 891	-2 398	-9
Total:	25 600	31 870	-6 270	-20

In carrying out PSO funds administration activities, Baltpool, a company belonging to the EPSO-G Group, incurred the following expenses during the six-month periods ended 30 June 2026 and 30 June 2025, which were reimbursed in accordance with the PSO Price Methodology. The reimbursed expenses were recognised as income, and the income and expenses related to PSO activities, as well as the resulting financial result, were reflected in the respective line items of the EPSO-G statement of profit or loss:

(All amounts in EUR thousand, unless otherwise stated)	Six-month period ended 30 June 2026	Six-month period ended 30 June 2025	Change
(All amounts in EUR thousand, unless otherwise stated)	Six-month period ended 30 June 2026	Six-month period ended 30 June 2025	+/-	%
Revenue	119	104	15	14
Total revenue and other income:	119	104	15	14
Remuneration and related expenses	-61	-73	12	16
Legal services and stamp duty	-5	-3	-2	-62
Other expenses	-4	-5	1	21
Total expenses:	-70	-81	11	14
EBITDA	48	23	25	111
Depreciation and amortisation	-7	-11	4	36
Operating profit (loss) (EBIT)	41	12	29	245
Income tax	0	0	0	0
Net profit (loss)	41	12	29	245

Information on the special obligations carried out by EPSO-G and its Group companies is provided in the List of Special Obligations, which currently includes one obligation – the administration of funds for public service obligations (BALTPOOL UAB).

List of special obligations