Last year Ignitis Group made record high investments: EUR 522 million

28 February 2023
  • Ignitis Group has made record high investments last year, reaching EUR 521.8 million with 80% of investments made in Lithuania; 

  • Green Generation adjusted EBITDA more than doubled (EUR 252.4 million) and comprised over 50% of the total result; 

  • However, B2C electricity supply activities suffered losses with negative adjusted EBITDA of EUR 23.2 million recorded in 2022. 

Last year, an international energy company Ignitis Group has invested into Green Generation capacities and other energy infrastructure a total of EUR 521.8 million, which is 2.2 times higher compared to 2021. Last year saw the most investments in Ignitis Group’s history. The investments made in Lithuania alone reached EUR 412.1 million, or almost twice as much as last year.  

B2C electricity supply activities suffered losses last year with negative adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) reaching EUR 23.2 million. The result was driven by a lower increase of electricity prices for private customers compared to the price increase in wholesale market. Additionally, after one of the independent electricity suppliers announced its plans to terminate activities, Ignitis took over a share of its customers in an effort to mitigate the price shock by offering special discounts and offers. However, the total result of the Customers & Solutions segment was positive due to international natural gas trading activities as deals with foreign B2B customers offset the negative result of B2C electricity supply activities. Positive results of the Group were mainly driven by the performance of the Green Generation segment due to the launch of Pomerania wind farm in Poland and better performance of the operating assets. The Green Generation segment comprised over half, or EUR 252.4 million, of the total adjusted EBITDA of the Group. The total adjusted EBITDA of Ignitis Group in 2022 reached EUR 469.3 million. 

“We are committed to our strategic goal of expanding Green Generation capacity. The investments last year in this segment alone were 7 times higher compared to 2021, reaching EUR 226.2 million. We are planning to continue with the rapid expansion of the Green Generation segment and direct the majority of additional profit earned from this segment last year towards developing new energy infrastructure in Lithuania. The results of last year indicate that we are on the right path because, even though we suffered losses in B2C electricity supply activities, our Green Generation results were increasing rapidly,” said the Chair of the Management Board and CEO at Ignitis Group Darius Maikštėnas.  

It is important to note that Ignitis Group will maintain its commitment to reinvest the additional profit earned from the Green Generation segment in 2022 into developing new energy infrastructure in Lithuania. This means that the additional profit earned in 2022 will not be used to increase the dividends for 2022 (they will grow in line with Dividend Policy) but will be reinvested to contribute to ensuring Lithuania’s energy security and green transition. Additionally, Ignitis Group is proposing the Annual General Meeting of Shareholders of Ignitis Group to agree on the allocation of EUR 12 million, or around 10%, of additional profit earned in 2022 from the Green Generation segment as aid to recover and reconstruct Ukraine's energy infrastructure.  

Since the beginning of 2022, Ignitis Group’s Green Generation portfolio increased more than twofold to 5.3 GW (from 2.6 GW). The capacity of projects under development has increased more than three times, from 1.3 GW to 4.1 GW. The rapid expansion of our greenfield portfolio has contributed to the largest share of the total increase and, as of reporting date, was more than 11 times higher, reaching around 2.0 GW (from 170 MW). You can find a detailed description of Ignitis Group’s 2022 results available in the notifications published at the securities markets: (link).