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AB Ignitis grupė refutes the statements of MP Algirdas Butkevičius that the subsidiary of the Group, UAB Ignitis, has potentially suffered losses in the amount of approximately EUR 500 million. The Group also clarifies the information about the compensation awarded by the Government, Ignitis grupė said in a statement.
Ignitis Group refutes public statements made by MP about losses
© DELFI / Domantas Pipas

Based on publicly available data, the consolidated net profit of the company amounted to EUR 6.6 million. Ignitis notes that the activities of the company consist not only of electricity supply to private and business customers, but also energy wholesale trading, balancing, green energy solutions for business and energy efficiency projects. Besides Lithuania, the company also operates in Latvia, Estonia, Poland, Finland. Ignitis also stressed that the company is managing its independent supply portfolio responsibly and professionally and hedges part of it in financial markets, thus ensuring the performance of obligations to customers.

Finally, Ignitis refutes the statement in the article that the company “will be compensated EUR 360 million from the budget, but the losses are growing”. The compensation issued by the Government was issued for household consumers in order to cover the accumulated debt of the public supply customers to the public supplier due to the electricity acquisition price differences which were not included in the tariff accumulated until 1 July 2022, i.e., due to specifics of the public supply regulation. Otherwise, the customers who consumed public supply electricity, regardless of which supplier they would have chosen, would have had to pay this debt themselves by 31 December 2027. Therefore, this is a part of the Government aid programme to reduce energy costs for customers which are provided directly to residents, the company stated.

Ignitis grupė added that on 23 August it is going to publish its financial results for the six months of 2022, which will include the performance of the Group’s subsidiaries.

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