OREANDA-NEWS. July 22, 2008. Based on preliminary data, in the H1 of 2008, the income of Lietuvos Energija AB Group totaled LTL 676,9m, an increase of 21,7 percent as compared to the respective period of 2007, reported the press-centre of Lietuvos Energija.

The Group earned LTL 72,5m in pre-tax profit, last year earnings for the respective period accounted for LTL 41,4m. Net profit was LTL 61,2m, or by LTL 27,4m higher than in the H1 of 2007. 

„The profit growth was mainly conditioned by the increase in electricity transmission volumes, higher export prices, optimization of costs and the specifics of electricity trade in the wholesale market predetermined by seasonal demand as well as the respective amendments in the Regulations on the allocation of the public service obligations (PSO)”, says Mr. Rimantas Sukys, Member of the Board and Finance Director of Lietuvos Energija AB.

According to Mr. Rimantas Sukys, revenues for the public service obligations (PSO) are collected by providing electricity transmission service to consumers and are inversely proportional to the quantities of transmitted electricity, and the PSO costs are compensated to producers by instalments, which are equally distributed throughout the year.

 As it is set forth in the Regulations on the allocation of the public service obligations, in the cases when after the expiration of the calendar year the revenues collected by the company for the public service obligations exceeded or were lower than the actually paid PSO compensation instalments, the company is bound to take into account this difference by providing proposals for the price adjustment of the public service obligations for the coming year.

During six months of this year, acting as the transmission system operator, the company through its high-voltage grid transmitted 5.1 billion kWh of electricity for domestic needs.