The revenues of EPSO-G, the group of energy transmission and exchange companies within the first three months of the current year amounted to EUR 118.8 million, signifying an increase of 42% compared to EUR 83.8 million during the same period last year. The Group’s performance was driven by the increase in revenues from electricity and gas transmission to the Lithuanian residential customers and businesses, as well as the smooth implementation of strategic infrastructure development projects.
The Group's key performance indicators remained relatively stable this year. In January-March, 2.9 terawatt hours (TWh) of electricity were transmitted through the high-voltage transmission networks to the country's residential and business needs, a decrease of 0.4% compared to the same period last year. In the first quarter of the year, 8.4 TWh of gas was delivered to Lithuania, excluding gas transit to the Kaliningrad region. This is a 5% decrease compared to last year, while the decrease in domestic gas consumption was compensated by transmission towards Latvia, which reached 2.6 TWh.
In the first three months of this year, district heating companies, Lithuanian independent heat producers and industrial companies purchased 1.73 TWh of biofuel on the energy resources exchange Baltpool. This is a 53% increase compared to 1.13 TWh of biofuels purchased in the same period in 2021.
Trading volumes on GET Baltic, the gas exchange operating in Lithuania, Latvia, Estonia and Finland, totalled to 2.4 TWh in the first three months of this year, decreasing by around one fifth compared to the same period last year. This was due to warmer weather and high natural gas prices.
Net profit of the EPSO-G Group for the January-March period amounted to almost EUR 2 million, decreasing 90% compared to the same period last year. The Group‘s EBITDA amounted to EUR 12 million, 61% lower than in the same period in 2021. The decrease in profitability was due to an 87% increase in costs to EUR 115.7 million, mainly due to significantly higher average energy prices, as well as a temporary reduction in transmission tariffs due to the return of excess revenues from previous periods to transmission system users.
The EPSO-G Group invested EUR 7 million in infrastructure in the first three months of the year. Amber Grid, the company within the Group, invested EUR 2.1 million in the gas transmission system this year, while Litgrid invested EUR 4.9 million this year.
At the end of March, EPSO-G repaid the outstanding balance of EUR 84.2 million to Ignitis Group ahead of schedule, thus fulfilling its obligations assumed in 2012 in exchange for shares of the transmission operator Litgrid. Previously, the final repayment of the debt was scheduled for autumn 2022.
In June, EPSO-G launched a sustainability-linked bond issue, raising EUR 75 million. This is the first sustainability-linked bond issue in the Baltic States. The five-year bonds were purchased by institutional investors from the Baltic States and Scandinavia. The European Bank for Reconstruction and Development (EBRD) bought almost a third of the issue for EUR 22.5 million.
The EPSO-G group of companies consists of the management company EPSO-G, five directly owned subsidiaries Amber Grid, Baltpool, Energy cells, Litgrid and Tetas, and the indirectly controlled GET Baltic. As of March 31, there are 1 336 employees within the company Group.