Lithuania’s electricity transmission system operator has summarized 2021 and published a set of financial statements. Litgrid reports that they have successfully met their targets for electricity supply reliability and strategic project execution. Litgrid is also preparing for the integration of offshore farms that will appear in the Baltic Sea.
According to audited figures, Litgrid’s revenues in 2021 were €270.6 million, 30 percent higher than in 2020. EBITDA amounted to EUR 46.2 million and was 11 percent lower than in 2020. The company’s net profit was €20 million, 25 percent lower than in 2020, the release reads.
One of the most important works in the past year was the completion of the LitPol Link expansion project, which resulted in a ready synchronous power connection with Continental Europe. With the completion of the project, Litgrid successfully tested the Polish support system – Lithuanians made sure that strategic partners in Poland will help in case of need.
– The security of Lithuania’s electricity transmission system is now assured, the operator states.
The operator will continue to implement synchronization projects this year, including the Harmony Link marine connection to Poland and the installation of synchronous compensators. Litgrid will also test the complete isolation of the Lithuanian electricity system.
Synchronization was completed for 6 of 20 projects, more than 40 percent of all necessary work. The Baltic countries plan to join the Continental European synchronous area in 2025.
– As we prepare for synchronization, we are conducting parallel research and projects that lay the foundation for the energy of the future. We are preparing for integration of offshore wind energy into Lithuanian grid and for development of other renewable energy sources – comments Rokas Masiulis, CEO of Litgrid.
Lithuania assumes that the planned offshore wind farm of up to 700 MW will consist of 43- 87 wind turbines of 8-16 MW and 140-300 m height. The plan is also to build a second wind farm with the same capacity – 700 MW.
Last year, Litgrid was the first in the Baltic States to connect a 1 MW pilot battery to the transmission grid, testing its potential not only for balancing electricity production and consumption.
In the past year, Litgrid also signed a contract for the purchase and installation of three synchronous compensators. These devices are designed to ensure reliable grid operation when a large portion of the electricity consumed in the system is generated by RES.
Source : Litgrid