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Concerning the opinion of the Audit Committee

LITGRID
·2-min read
LITGRID
LITGRID

Lithuanian electricity transmission operator LITGRID AB (company code 302564383, registered office address Karlo Emilio Gustavo Manerheimo st. 8, Vilnius, Lithuania), informs that on 27th July 2022 the opinion of the Audit Committee of the holding company UAB “EPSO-G” was received on the planned transactions with related party AB “Ignitis gamyba”. On 25th July 2022, the Audit Committee of UAB “EPSO-G” considered the Transactions with related party and adopted the following decisions by means of a survey:

After evaluating all the submitted information of LITGRID AB, the Audit Committee of UAB “EPSO-G”, in accordance with Article 372 of the Law on Companies of the Republic of Lithuania, gives an opinion on the planned Isolated Operation Service Agreement (hereinafter – “Additional agreement No. 3”):

  1. The additional agreement No.3 is in line with market conditions, since the costs incurred by IG will be calculated same as it would be for other unrelated parties, i.e., the difference between balancing energy price and the electricity price on the exchange market. Balancing energy prices are specified in the Isolated Operation Service Agreement.

  2. The additional agreement No. 3 is concluded in accordance with the requirements of the legal acts of the Republic of Lithuania, ensuring the reliable and stable operation of the electricity system of the Republic of Lithuania, is fair and reasonable with respect to all shareholders of LITGRID AB taking into account the objective necessity of concluding the additional agreement.

  3. To draw the attention of the Board of LITGRID AB that based on the provided information, in case LITGRID AB would have an obligation to compensate the price difference for the IG (difference between balancing energy price and the electricity price set out in the exchange), the compensation amount would directly reduce LITGRID’S EBITDA and as the result, loan covenants would not be enforced, therefore, is recommended to assess related risks and plan measures to mitigate these risks.

The individual authorized by LITGRID AB to provide additional information:


Jurga Eivaitė
Communications project manager
phone: +370 613 19977
e-mail: jurga.eivaite@litgrid.eu