The following decisions were adopted at the Extraordinary General Meeting of Shareholders of LITGRID AB (legal entity code 302564383, registered office address at Karlo Gustavo Emilio Manerheimo st. 8, LT-05131, Vilnius) (the Company) which was held on 16-10-2026:
1. Regarding the approval of the Decision of 23 September of 2026 of the Board of LITGRID AB
1. To approve the decision of the Board of LITGRID AB of 23 September 2026 to conclude the financial agreement for electricity from renewable energy sources from wind farms and to approve the essential terms of the agreement:
1.1. Parties to the agreement: LITGRID AB, legal entity code 302564383, registered office address: Karlo Gustavo Emilio Manerheimo st. 8, LT-05131 Vilnius, Lithuania and UAB Joreta, legal entity code 302838222, registered office address Jogailos st. 4, Vilnius, Lithuania (as defined in the Preamble to Part I of the Individual Terms and Conditions of the Agreement).
1.2. Subject-matter (object) of the agreement: an agreed part of the Metered Output of the Facility for one Calendar Year during the Total Supply Period, as follows: Price hedge for electricity generated in a wind farm and supplied to the grid up to 100 000 MWh per Calendar Year, together with the corresponding Guarantees of Origin (as defined in Clause 2.1 and Clause 3.1. of Part I, Section A of the Individual Terms and Conditions of the Agreement).
1.3. Maturity of Obligations: 1 January 2027 – 31 December 2036 (10 year agreement) (as defined in Clause 1.2 of Part I, Section A of the Individual Terms and Conditions of the Agreement).
1.4. Price and (or) pricing, payment procedure and rules for changing them: 1.4.1. Price of the agreement – EUR 62,490,000, excl. VAT (62.49 EUR/MWh).
1.4.2. Pricing: Variable price with a fixed price component.
1.4.3. Payment procedure:
1.4.3.1. The Buyer shall purchase electricity and settle payments for it on the power exchange according to its operational need. The Price Differential between the electricity market price (as defined in Section A 2.2 (e): Electricity Reference Price – Financial) and the agreed Electricity Contract Price (as defined in Section A 2.2 (d): Electricity Contract Price) shall be settled between the parties in accordance with § 14.3 (Special Provisions Applicable to the Financial Settlement) and § 22. (Invoicing and Payment). Payments will be made by either the Buyer to the Seller or vice versa, depending on the Price Differential (as defined in Clause 1 of Section C of the Individual Terms and Conditions of the Agreement).
1.4.3.2. Price Differential.
(a) The Seller shall pay to the Buyer an amount equal to the product of the difference (if positive) between the Electricity Reference Price – Financial and the Electricity Contract Price and Agreed Part of Metered Output for each MTU, which shall be calculated by the Party specified in Section B of Part I (Individual Terms) on the Price Differential Calculation Date for each MTU within the Calculation Period and promptly notified thereafter to the other Party.
(b) The Buyer shall pay to the Seller the amount equal to the product of the difference (if negative), between the Electricity Reference Price – Financial and the Electricity Contract Price and Agreed Part of Metered Output for each MTU, which shall be calculated by the Party specified in Section B of Part I (Individual Terms) on the Price Differential Calculation Date for each MTU within the Calculation Period and promptly notified thereafter to the other Party. For the avoidance of doubt, if the Day-ahead electricity market price for LT area per MWh for MTU is negative, for Price Differential calculation Electricity Reference Price – Financial will be set as 0 EUR per MWh per MTU.
(c) The amount(s), if any, payable by the Seller or the Buyer as the case may be, under this § 14.3 shall be referred to as the “Price Differential” (as defined in Clause 7 of Section C of the Individual Terms and Conditions of the Agreement). The Seller / the Buyer shall invoice the Buyer / the Seller in accordance with the Agreement. The invoice shall be paid within 30 calendar days (as defined in Clause 12 of Section C of the Individual Terms and Conditions of the Agreement).
1.4.4. Rules for changing the price of the agreement:
1.4.4.1. The rules for changing the Agreement price are not provided for. The price shall remain unchanged throughout the entire term of the Agreement, except for the possibility for both parties to agree to reduce the price (as defined in Clause 19 of Section C of the Individual Terms and Conditions of the Agreement).
1.5. Security for the fulfilment of the obligations:
1.5.1. The Performance Assurance required by this Agreement shall be in the amount of 500 000 Eur.
1.5.2. The Performance Assurance shall be provided to the Buyer within 10 calendar days after the Signature Date of the Agreement. The Agreement is to be secured by a bank guarantee or surety bond from an insurance company provided by the Seller, such bank guarantee or surety bond from an insurance company must be issued by a bank or an insurance company acceptable to the Buyer, must meet all the requirements set out in the Agreement. (as defined in Clause 15 of Section C of the Individual Terms and Conditions of the Agreement)
2. To authorise the Chief Executive Officer of LITGRID AB (with the right to sub-delegate) to agree to other (non essential) terms of this agreement and to sign this agreement.
3. To authorise the Chief Executive Officer of LITGRID AB, without a separate decision from the Board of LITGRID AB, to adopt decisions on the change of the essential condition of the agreement – the contract price – by reducing the price without any limitations.
Contact person for more detailed information:
Jurga Eivaitė
Communications Project Manager
+370 613 19977
jurga.eivaite@litgrid.eu
