As gas prices are favourable, “Ignitis gamyba” accelerated its operations significantly and is intensifying electricity generation this year. In January-September, Elektrėnai Complex, Kruonis Pumped Storage Hydroelectric Power Plant, and Kaunas Hydroelectric Power Plant, generated even 1601 Gigawatt hours (GWh) of electricity together, i.e. almost 2,5 times more than in the same period in 2019. According to calculations of the company, the production volumes of power plants managed by “Ignitis gamyba” amount to 40 percent of total electricity amount generated in the country this year.
The combined-cycle unit (CCU) is contributing the most to the major growth – its production results in nine months of the last year exceeded the indexes 65 times (in total 873 GWh were generated). This year probably is the first year when there is a favourable situation in the market and the unit may work almost at maximum capacity very often. In the future, the company will use of all the CCU possibilities to generate electricity needed for the country. Kruonis Pumped Storage Hydroelectric Power Plant is also contributing to the growth – it generated 27 percent more electricity in the first 9 months (in total 532 GWh).
The financial indexes of “Ignitis gamyba” are notable higher. In January-September 2020, the enterprise’s revenues from contracts with customers have increased to 119.3 million euros – i.e., 13.4 percent more than in the same period in 2019; the company’s adjusted EBITDA increased by 11.4 percent to 47.9 million euros, when compared to the same period in 2019.
“The first three quarters of 2020 brought significant changes to all of us. Many business sectors and enterprises operating in them had to adjust to the consequences of Covid-19 pandemic. The cardinal changes were made not in one or several sectors, but covered much wider scope: economics, health system, supply chains, consumption, and many other interrelated areas. These are the fundamental things that determine our welfare, generation of electricity including. We are happy to say that “Ignitis gamyba” has been coping successfully with the challenges in these difficult times – it is an enterprise, the operation of which cannot and did not stop” – says Rimgaudas Kalvaitis, CEO of “Ignitis Gamyba”.
There were introduced some big news in the area of green energy. The company opened 1 MW solar power plant in Obeniai in May that was the first remote solar park in our country and marked the beginning of the operation of platform “Ignitis Solar Parks”, and in September, the solar power plant that is bigger three times started operating there. After the solar park was expanded up to 4 MW power, “Ignitis Gamyba” now have the largest operating solar park not only in Lithuania, but also in the Baltic states.
One more important news in the area of renewed energy that has received quite a big attention from international press is arrangement of floating solar power plant in the upper basin of Kruonis Pumped Storage Hydroelectric Power Plant. The procurement procedures were completed in summer, the designing works of the power plant implemented in autumn, and the company expects to complete the power plant in full scope (60 kW) before the end of the year.
Key performance indicators of Ignitis Gamyba for January-September 2020:
* The Company’s adjusted EBITDA reported after the adjustments made by the management by eliminating the impact of one-off factors, also considering the change in revenue (and, consequently, EBITDA) of the Company's regulated services. These adjustments are made aiming to disclose the results of the Company’s operating activities after the elimination of the impact of non-typical, one-off factors or factors that are not directly related to the current reporting period. All adjustments made by the management are disclosed in the Company’s interim and annual reports.
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