EPSO-G to increase its stake in TSO Holding, the operator of the Nord Pool power exchange

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EPSO-G, group of energy transmission and exchange companies, intends to acquire around one third of the shares in TSO Holding this year. TSO Holding together with other shareholder indirectly operates the Nord Pool power exchange. The acquisition would increase EPSO-G’s shareholding of TSO Holding to 39.6 %. This will allow EPSO-G to continue the implementation of its Strategy 2030 by expanding the activities of the Group and the range of unregulated activities to strengthen Lithuania’s energy independence.

The Ministry of Energy of the Republic of Lithuania, the sole shareholder of EPSO-G, has approved the proposal of the Board of EPSO-G to acquire 39.6% of TSO Holding from Litgrid once Litgrid has bought 37.6% of the shares from the other shareholders of TSO Holding - the Finnish and Danish electricity transmission system operators Fingrid and Energinet. Litgrid currently holds a 2% stake in TSO Holding.

Litgrid is expected to acquire the shares from Fingrid and Energinet for approximately 135 million Norwegian kroner (approx. 13.5 million euros). The exact value of transactions in euros will depend on the exchange rate between the Norwegian krone and the euro on the days of the transactions.

Litgrid was obliged by EPSO-G, the parent shareholder, to carry out the acquisition and then to sell all the acquired and previously held shares in TSO Holding to EPSO-G for an amount of approximately 14 milliion euros. Following the completion of the transactions, EPSO-G will hold a 39.6% stake in TSO Holding. The remaining shareholding in TSO Holding is held by the Norwegian and Swedish electricity TSOs Statnett (32.2%) and Svenska Kraftnat (28.2%).

TSO Holding is a minority shareholder in Nord Pool Holding, based in Norway, with a 34% stake. Nord Pool Holding owns 100% of the Nord Pool power exchange. Nord Pool provides power exchange services in Central and Western Europe, the United Kingdom, Nordic countries and the Baltic States. The exchange trades electricity and provides clearing and settlement services. The remaining 66% of Nord Pool Holding is held by Euronext Nordics Holding, a European stock exchange group.

According to Robertas Vyšniauskas, the Chair of the Board of EPSO-G, the importance of energy exchanges has increased significantly in the recent period of uncertainty in the energy sector. TSO Holding’s strong and stable financial position will strengthen the EPSO-G Group. This in turn will contribute to strengthening Lithuania’s energy independence and the implementation of the energy transformation in the country. According to Robertas Vyšniauskas, the decision to increase the shareholding in TSO Holding and transfer its management to EPSO-G was taken in the context of the implementation of the long-term strategy of the EPSO-G Group, which was approved last year, and in the context of the expansion of the Group’s non-regulated activities.

The EPSO-G Group consists of the management company EPSO-G, its five direct subsidiaries Amber Grid, Baltpool, Energy cells, Litgrid and Tetas, and the indirectly controlled GET Baltic. On 30 June, the EPSO-G Group had 1 361 employees.

Last updated: 16-09-2022