Minister of Finance K. Vaitiekūnas: "Our main expectation as a state shareholder is an affordable, stable and predictable electricity price"
The Ministry of Finance expects competitive electricity prices, efficient management of the group and development of data centres from Ignitis Group
Having carried out intensive green energy development over the past 5 years, Ignitis Group AB is entering a new stage of maturity, for which the Ministry of Finance, the main shareholder representing the State, sets objectives in terms of quality assurance, operational efficiency and financial discipline.
The updated letter of expectation from the Ministry of Finance to Ignitis Group stresses that the companies of the group must analyse and assess green capacity development opportunities and invest only if the required return is guaranteed, seek efficiency in all the group’s activities and develop new business models that stimulate electricity demand, in particular data centres.
According to Minister of Finance Kristupas Vaitiekūnas, the development of green capacity and the electricity distribution network carried out by Ignitis Group AB in recent years has significantly strengthened Lithuania’s energy independence, and the Group’s financial indicators show a solid financial basis and efficient investment management.
"Ignitis Group is now moving on to the next stage, maturity, with its focus on continuing its activities. This more moderate stage of growth will have to be based on balanced development, quality assurance of services, search for efficiency in group processes. The stability and risk management of the Group's activities, the wider use of data for decision-making, and the integration of artificial intelligence into the main areas of activity must also be priorities," Minister of Finance K. Vaitiekūnas states.
In the updated letter of expectation, the green transformation and ensuring energy security, the use and expansion of reserve capacity, the expansion of the electricity distribution network and the improvement of customer experience remain among the priorities set for the Group.
“Our main expectations as a state shareholder are unchanged – affordable, stable and predictable electricity price for consumers and customers, ensuring the reliability and efficiency of the electricity distribution network, network development, and enabling electrification in Lithuania and the region. Ignitis Group needs to invest in innovation and quality of services in order to reduce disruption for customers, provide faster solutions and have more choice”, Minister of Finance K. Vaitiekūnas continues.
The updated letter to Ignitis Group on the objectives and expectations pursued by the State in relation to the activities of the group’s companies sets out the expectations for the development of offshore wind farms. The companies of the group have to develop only profitable projects, which is also the case for the development of offshore wind farms. Ignitis Group shall develop possible development scenarios for the Curonian Nord project with proposed alternative solutions that could ensure that the project is cost-effective.
"The country's position on offshore wind energy is becoming particularly important as this area is going through a difficult phase around the world. Due to increased costs, market uncertainty and reduced payback of non-state-supported projects, many countries face stalled or delayed offshore wind projects. Therefore, it is important for Lithuania to assess the real international situation, economic trends and its own energy needs. It is only on the basis of an objective analysis and a rational assessment that decisions can be taken that are sustainable, economically justified and in line with the long-term interests of the country. Such an approach would make it possible to choose the most appropriate pace and direction for the development of offshore wind energy, ensuring that decisions benefit both the state and its residents," the Minister of Finance says.
The priorities of Ignitis Group include the development of new business models, giving priority to data centres and other energy-intensive industries and partnerships. The aim is to increase the demand for electricity and promote the attraction of high energy demand businesses to Lithuania. The letter od expectation emphasizes that the group of companies would develop centres in a targeted manner, investing in line with international good practices and market trends, acting with reliable partners and maintaining the flexibility of the business model, allowing both early exit from the developed projects and continued engagement as a minority investor during the operational period.
“This is a new turn in the trajectory of state-owned enterprises. So far, the prevailing view has been that state-owned enterprises do not participate and do not compete where the market is filled by private business. However, we see that in today's geopolitical situation, the involvement of the state through managed companies is an incentive to come to private investment and such joint projects are targeted and useful not only for businesses, but also for the state. We have an already existing example in the defence industry, the artillery munitions factory project developed by the State with Rheinmetall," the Minister underlines.
Therefore, according to K. Vaitiekūnas, it is necessary to exploit the targeted investments of Ignitis Group in reliable and competitive energy infrastructure, attracting one of the fastest growing high-tech sectors. The development of data centres in Lithuania would mean not only a higher and more stable demand for electricity, but also high value-added investments, new jobs, increase the country’s competitiveness and create additional value for the whole economy, from tax revenue to strengthening the technology ecosystem.
Darius Maikštėnas, CEO of Ignitis Group, says that the updated letter of expectation confirms a clear direction of the organisation: to continue the sustainable development of green capacities and networks, to ensure energy resilience, to continue to adhere to the highest standards of governance and financial discipline, and to offer competitive prices and services to customers.
"The new priorities set represent an important strategic direction – to actively contribute to attracting high value-added businesses to Lithuania, especially in sectors of high energy demand, such as data centres. We will also continue to assess further green capacity development opportunities and investments responsibly, ensuring that they meet the needs of the market and the shareholder's expectations of returns," D. Maikštėnas says.
74.99% of Ignitis Group shares are held by the Ministry of Finance, with small investors holding 25.01% of the shares.
Last updated: 10-03-2026
Related news:
S&P Global Ratings confirmed Lithuania’s credit rating
Defence bonds were distributed for EUR 80.5 million across recent issues