Latest news with #Litgrid
Yahoo
27-06-2025
- Business
- Yahoo
Moody's Ratings affirms Baa1 credit rating for EPSO-G Group
EPSO-G (legal entity code 302826889, registered address Laisvės pr. 10, Vilnius, Lithuania) The rating agency Moody's Ratings for the EPSO-G group has affirmed its Baa1 credit rating with a stable outlook following a periodic review. Moody's Ratings has affirmed the Baa1 credit rating for the EPSO-G Group with a stable outlook following a periodic review of its credit rating. The Baa1 investment grade credit reflects the Group's strong financial position, moderate and balanced debt level, and stable and diversified income stream. The announcement of periodic review prepared by Moody's Ratings can be found at The EPSO-G group of companies consists of the holding company EPSO-G and its five direct subsidiaries Amber Grid, Baltpool, Energy Cells, Litgrid and Tetas. EPSO-G and its Group companies also hold shares in Rheinmetall Defence Lietuva, GET Baltic, Baltic RCC OÜ and TSO Holding AS. The rights and obligations of the sole shareholder of EPSO-G are exercised by the Ministry of Energy of the Republic of Lithuania. Enclosed: Press release. For more informationGediminas Petrauskas, Communications Partner at EPSO-GTel. +370 610 63306, e-mail Attachment 2025-06-27_Press_release_Moodys_EPSO-GError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-02-2025
- Business
- Yahoo
Lithuania reports stable power system operation after disconnection from Russia and Belarus
Lithuanian electricity transmission system operator Litgrid says that the Baltic states' power system is operating smoothly after being disconnected from Russia and Belarus. Source: the company's representative Donatas Matelionis; Lithuanian news network LRT, as reported by European Pravda Details: Litgrid reported that the isolated operation of the system is going smoothly. During this period, the three Baltic countries receive electricity only from their own generation facilities. Quote from Donatas Matelionis: "The system is stable, the test was successful. We can see that the work done and the projects implemented have yielded results, the systems are working as they should." Details: The voltage test is still underway on Sunday, which involves artificially creating distortions to see how the automated control system will react to them. The test is being carried out in coordination with Latvia and Estonia. The official added that "a synchronised connection is planned for 14:00 after the successful completion of testing." Background: Back in July 2024, energy ministers from Estonia, Latvia, and Lithuania confirmed their plans to synchronise with the continental European energy system ENTSO-E and disconnect from Russia by February 2025. On 8 February, Estonia, Latvia and Lithuania officially disconnected from the Russian energy system. Estonian Prime Minister Kristen Michal called it a "momentous day", while his predecessor in the post, now the top EU diplomat Kaja Kallas, called it a "victory for freedom and European unity". Lithuanian Prime Minister Gintautas Paluckas expressed his belief that the disconnection of the three Baltic states from Russiaʼs energy system strengthens energy security and ensures stability. Support UP or become our patron!
Yahoo
08-02-2025
- Politics
- Yahoo
Baltic nations ditch Russian power grid in ‘victory for freedom'
Three Baltic states have cut ties with Russia's power grid to join the European Union's network in 'a victory for freedom.' Estonia, Latvia and Lithuania – all former Soviet republics now in the European Union and Nato – had wanted to block Russia's ability to geopolitically blackmail them via the electricity system. Zygimantas Vaiciunas, Lithuania's energy minister, told AFP on Saturday: 'We have removed any theoretical possibility of Russia using energy [grid] control as a weapon.' Kaja Kallas, the EU foreign policy chief and Estonia's former prime minister, hailed the grid switch as 'a victory for freedom and European unity'. Mr Vaiciunas said the Baltic states had completed the disconnection process at 9.09 local time (07.09 GMT) on Saturday. 'We have been waiting for this moment for a long time,' he told reporters, after speaking with his Estonian and Latvian counterparts. 'The energy system of the Baltic states is finally in our own hands. We are in control,' he added of the 'historic' moment. Official celebrations are planned across the Baltics. Authorities are on guard for any potential cyber-attacks linked to the grid switch. Latvia physically cut a power line to Russia on Saturday and Ursula von der Leyen, the European Commission president, is expected to attend a ceremony with Baltic leaders in Vilnius on Sunday. The Baltics have long prepared to integrate with the European grid but they have faced technological and financial issues. The switch became more urgent after Russia invaded Ukraine in 2022, which spooked the Baltic states into thinking that they could be targeted. They stopped purchasing Russian gas and electricity after the invasion but their power grids remained connected to Russia and Belarus, controlled from Moscow. This left them dependent on Moscow for a stable electricity flow, which is crucial for factories and facilities requiring a reliable power supply. The Baltic states will operate in 'isolated mode' for about 24 hours to test their frequency, or power levels, according to Litgrid, Lithuania's state-run grid operator, before they integrate with the European grid on Sunday. Rokas Masiulis., the Litgrid head, previously said: 'We need to carry out some tests to assure Europe that we are a stable energy system. 'We'll switch power stations on and off, observe how the frequency fluctuates and assess our ability to control it.' The states will then integrate into the European power grid via Poland. Authorities have warned of potential risks linked to the change. Lithuania's state security department told AFP: 'Various short-term risks are possible, such as kinetic operations against critical infrastructure, cyber-attacks and disinformation campaigns.' Poland's power grid operator PSE had said it would use helicopters and drones to patrol the connection with Lithuania. Edgars Rinkevics, the Latvian president, told LTV1 that the countries could not 'rule out possible provocations'. In Estonia, police and volunteer defence corps will man critical electrical infrastructure until next weekend because of the risk of sabotage. Several undersea telecom and power cables have been severed in the Baltic Sea in recent months. Some experts and politicians have accused Russia of waging a hybrid war, an allegation that Moscow denies. A total of €1.6 billion euros ($1.7 billion) – mostly EU funds – have been invested in the synchronisation project across the Baltic states and Poland. Gitanas Nauseda, the Lithuanian president, was sure that the switch would go smoothly, telling reporters: 'People won't feel it, either in terms of their bills or any inconvenience.' Estonia's climate ministry urged everyone to carry on as usual as 'the more regular and predictable the behaviour... the easier it is to manage the power grid'. But some consumers are worried about power cuts and home improvement stores in Estonia noted a sharp increase in sales of generators. After the Baltic decoupling, the energy system in the Russian enclave of Kaliningrad will lose its grid connection to mainland Russia. Kaliningrad has been building up power generation capacity for years and Dmitry Peskov, the Kremlin spokesman, dismissed all concerns. Asked about the cut-off last week, he said: 'We have taken all measures to ensure the uninterrupted reliable operation of our unified energy system.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
08-02-2025
- Politics
- Yahoo
Baltic nations switch off Russian power grid in ‘victory for freedom'
Three Baltic states have cut ties with Russia's power grid to join the European Union's network in 'a victory for freedom.' Estonia, Latvia and Lithuania – all former Soviet republics now in the European Union and Nato – had wanted to block Russia's ability to geopolitically blackmail them via the electricity system. Zygimantas Vaiciunas, Lithuania's energy minister, told AFP on Saturday: 'We have removed any theoretical possibility of Russia using energy [grid] control as a weapon.' Kaja Kallas, the EU foreign policy chief and Estonia's former prime minister, hailed the grid switch as 'a victory for freedom and European unity'. Mr Vaiciunas said the Baltic states had completed the disconnection process at 9.09 local time (07.09 GMT) on Saturday. 'We have been waiting for this moment for a long time,' he told reporters, after speaking with his Estonian and Latvian counterparts. 'The energy system of the Baltic states is finally in our own hands. We are in control,' he added of the 'historic' moment. Official celebrations are planned across the Baltics. Authorities are on guard for any potential cyber-attacks linked to the grid switch. Latvia will physically cut a power line to Russia later today and Ursula von der Leyen, the European Commission president, is expected to attend a ceremony with Baltic leaders in Vilnius on Sunday. The Baltics have long prepared to integrate with the European grid but they have faced technological and financial issues. The switch became more urgent after Russia invaded Ukraine in 2022, which spooked the Baltic states into thinking that they could be targeted. They stopped purchasing Russian gas and electricity after the invasion but their power grids remained connected to Russia and Belarus, controlled from Moscow. This left them dependent on Moscow for a stable electricity flow, which is crucial for factories and facilities requiring a reliable power supply. The Baltic states will operate in 'isolated mode' for about 24 hours to test their frequency, or power levels, according to Litgrid, Lithuania's state-run grid operator, before they integrate with the European grid on Sunday. Rokas Masiulis., the Litgrid head, previously said: 'We need to carry out some tests to assure Europe that we are a stable energy system. 'We'll switch power stations on and off, observe how the frequency fluctuates and assess our ability to control it.' The states will then integrate into the European power grid via Poland. Authorities have warned of potential risks linked to the change. Lithuania's state security department told AFP: 'Various short-term risks are possible, such as kinetic operations against critical infrastructure, cyber-attacks and disinformation campaigns.' Poland's power grid operator PSE had said it would use helicopters and drones to patrol the connection with Lithuania. Edgars Rinkevics, the Latvian president, told LTV1 that the countries could not 'rule out possible provocations'. In Estonia, police and volunteer defence corps will man critical electrical infrastructure until next weekend because of the risk of sabotage. Several undersea telecom and power cables have been severed in the Baltic Sea in recent months. Some experts and politicians have accused Russia of waging a hybrid war, an allegation that Moscow denies. A total of €1.6 billion euros ($1.7 billion) – mostly EU funds – have been invested in the synchronisation project across the Baltic states and Poland. Gitanas Nauseda, the Lithuanian president, was sure that the switch would go smoothly, telling reporters: 'People won't feel it, either in terms of their bills or any inconvenience.' Estonia's climate ministry urged everyone to carry on as usual as 'the more regular and predictable the behaviour... the easier it is to manage the power grid'. But some consumers are worried about power cuts and home improvement stores in Estonia noted a sharp increase in sales of generators. After the Baltic decoupling, the energy system in the Russian enclave of Kaliningrad will lose its grid connection to mainland Russia. Kaliningrad has been building up power generation capacity for years and Dmitry Peskov, the Kremlin spokesman, dismissed all concerns. Asked about the cut-off last week, he said: 'We have taken all measures to ensure the uninterrupted reliable operation of our unified energy system.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
08-02-2025
- Business
- Yahoo
Lithuania and Latvia disconnected from Russian power grid, LRT says
Lithuania and Latvia have disconnected from the Soviet-era Russian electricity system, Rokas Masiulis, CEO of Lithuanian electricity transmission system operator Litgrid, has reported. Source: European Pravda, citing Lithuanian public broadcaster LRT Quote from Masiulis: "Everything proceeded as planned and on schedule. We signed a protocol with the Russians outlining the disconnection process. In fact, just minutes before, the Russians themselves contacted us to confirm they were ready." Details: He noted that the shutdown had happened earlier than planned, but Lithuania was ready for it. "They [the Russians – ed.] informed us they were ready and asked if we could carry out the disconnection earlier. We were prepared and completed everything methodically," Masiulis said. He explained that the first line was disconnected, followed by another line 10-15 minutes later and the third one was disconnected in the same timeframe. Approximately 30 minutes later, Lithuania also cut off the Belarusian line. All Baltic countries are expected to be disconnected from the system shortly. Background: The Baltic Power System Agreement with Russia and Belarus (BRELL) formally ended at 23:59 on 7 February. Following the disconnection, testing of the isolated operation of the power system will begin and is expected to last until the afternoon of 9 February. In July 2024, the energy ministers of Estonia, Latvia, and Lithuania confirmed their intention to synchronise with the ENTSO-E continental European power system and disconnect from the Russian grid in February 2025. Until now, Lithuania, Latvia, Estonia, Russia, and Belarus had operated in a common power supply system, centrally managed from Moscow. However, in May 2022, the Baltic states completely halted electricity imports from Russia. Lithuania had prepared for potential sabotage during the disconnection from the Russian energy system, with Estonia and Latvia also on alert for provocations inspired by the Kremlin. Support UP or become our patron!
