EPSO-G UAB is a state owned holding company charged to lead an inovative, transparent and efficiently managed group of energy transmission and exchange operators that provide long-term benefits to the shareholders, ensure the implementation of Lithuania's strategic energy interests and contributes to the country‘s competitiveness and public welfare.
When implementing the rights and obligations of the sole shareholder - the Ministry of Energy - the holding company sets strategic goals and objectives, supervises their implementation, analyses and aims to improve operating efficiency of the companies that are part of the Group.
The holding also streamlines good governance practices and coordinates the performance of the companies which are part of the Group in human resource, risk management, audit, social responsibility, communication and other key performance fields ensuring transparency,accountability and sustainable business operations in order to create long-term value for Lithuania's people, businesses and shareholders.
The strategic objectives of EPSO-G holding are:
- implementation of the shareholder‘s rights and obligations;
- formation and laying down of the strategy of the group of companies, operational guidelines, rules of conduct of advisory nature as well as the policies of the specific fields;
- regional and international cooperation by integrating energy infrastructure and markets;
- coordination and control of the activities of the companies of the group of companies, their expansion and development;
- management of finances and treasury of the group of companies;
- provision of services to the companies of the group of companies;
- representation of the group of companies.
The tactical objectives of EPSO-G holding are:
- consolidation of the finances of the companies that are part of the group;
- tax and financial information management;
- ensuring consistent corporate governance and corporate control at the group‘s level – implementation of the general operational policies, guidelines, other rules of conduct of advisory nature in the group of companies;
- increasing the group's integrity level;
- coordinated management of supplies and resources.
EPSO-G, the holding company of a group of energy transmission and exchange companies, was established on 25 July 2012 as a result of the implementing of the mandatory requirements of the III Energy Package regarding the separation of energy generation and distribution as well as transmission activities that arise in respect of the Republic of Lithuania from the Law of the European Union. Originally the Company operated as a financial holding whose main function was consolidation of the financial results of the group‘s companies.
As Lithuania aimed to become the member of the Organization for Economic Co-operation and Development (OECD), it was decided by means of the decisions of the Government and the direct shareholder (the Ministry of Energy of the Republic of Lithuania) in 2015-2016 to carry out a major restructuration of EPSO-G into an active management company directly participating in the management of the subsidiaries, carrying out supervision and control of their activities, performing other independent functions related to the integrated management of the Group.
In accordance with the decisions of the Government of the Republic of Lithuania and the Ministry of Energy of the Republic of Lithuania “The Guidelines for the corporate governance of the group of the state-owned companies of energy sector” (hereinafter referred to as the Guidelines for the corporate governance) have been approved by the Order No 1-212 of the Minister of Energy of the Republic of Lithuania of 7 September 2015. The Guidelines have consolidated the new corporate governance model and core functions of the Group.
After the implementation of these decisions there are two full-fledged management companies in Lithuania that manage the separated activities and are proportional to the size of their group of companies: EPSO-G, the parent company that controls the activities of energy transmission and exchanges, and “Lietuvos energija”, the company that controls distribution and production activities. After the implementation of the requirements posed the European Union in such the way, this restructuring of the energy sector is recognized as one of the best examples of separation of activities in the energy sector in the European Union.
July 4, 2012
„EPSO-G“ established as a fully state-controlled company managed by the Ministry of Energy.
97,5 per cent of electricity transmission system operator LITGRID are bought from „Lietuvos energija“.
78,9 per cent of shares of gas transmission system operator Amber Grid is bought from E.ON Ruhrgas International GmbH, OAO Gazprom and minor shareholders. Currently EPSO-G holds 96.6 per cent of Amber Grid shares.
7 September, 2015
EPSO-G corporate governance guidelines are approved, following ESBO, United Nations and other renown organizations documents.
17 December, 2015
New Articles of Association, in line with corporate governance guidelines, were approved.