Highlights from EPSO-G’s extraordinary shareholder meeting
EPSO-G, Lithuania’s Energy Transmission and Exchange Group, held an extraordinary general meeting to take up several operating matters. The discussion centered on how the group manages financial oversight and audit arrangements—practical decisions meant to support transparent, efficient governance in a changing energy market.
Decisions by the sole shareholder
On September 6, 2024, the Ministry of Energy of the Republic of Lithuania, acting as EPSO-G’s sole shareholder, adopted a resolution concerning the audit agreement with PricewaterhouseCoopers UAB. The decision relates to the existing contract covering the years 2023 to 2025 and reaffirms EPSO-G’s commitment to strong, independent financial control. The aim is straightforward: keep the company’s financial reporting sound and verifiable while market conditions evolve.
Update to audit remuneration
As part of the resolution, the shareholder set a maximum audit remuneration of EUR 310,000 for PricewaterhouseCoopers UAB. This ceiling accounts for higher costs stemming from updated auditing standards and additional regulatory requirements. In other words, the fee reflects the scope of work now expected of auditors and the level of assurance stakeholders want to see.
About the EPSO-G group
The EPSO-G group includes the holding company and six direct subsidiaries: Amber Grid, Baltpool, Energy Cells, EPSO-G Invest, Litgrid, and Tetas. Together, these companies make up a coordinated platform in the energy market, each contributing to the group’s broader goals and responsibilities.
Strategic holdings and alliances
EPSO-G also holds shares in associated ventures: GET Baltic, Baltic RCC OÜ, and TSO Holding AS. This network strengthens the group’s position across energy transmission and trading, helping it respond to market needs and align operations across related activities.
The role of the Ministry of Energy
As the sole shareholder, the Ministry of Energy of the Republic of Lithuania acts to advance national energy policy while ensuring EPSO-G stays accountable and transparent. This ownership model sets clear expectations, supports oversight, and helps maintain trust between the company, public institutions, and the wider market.
What this means going forward
With the updated audit arrangements in place and the Ministry’s oversight, EPSO-G is positioned to maintain reliable, efficient operations. Rigorous audits safeguard the interests of stakeholders and reinforce the integrity of financial reporting—practical foundations for steady decision-making in a competitive energy landscape.
Contact
Questions about the meeting or its outcomes? Please contact:
Gediminas Petrauskas, communication partner at EPSO-G
Tel: +370 610 63306, email: gediminas.petrauskas@epsog.lt
Frequently Asked Questions
What is EPSO-G?
EPSO-G is Lithuania’s Energy Transmission and Exchange Group, comprising a holding company and several subsidiaries that operate together in the country’s energy market.
Who makes the key decisions for EPSO-G?
The Ministry of Energy of the Republic of Lithuania is the sole shareholder and adopts resolutions on essential matters, including audit arrangements and financial oversight.
What was decided at the September 6, 2024 meeting?
The shareholder approved decisions related to the existing 2023–2025 audit agreement with PricewaterhouseCoopers UAB, including an update to the maximum audit fee.
What is the maximum audit fee and why was it adjusted?
The maximum remuneration was set at EUR 310,000 to reflect increased work arising from updated auditing standards and additional regulatory requirements.
Which companies are part of the EPSO-G group?
EPSO-G’s direct subsidiaries are Amber Grid, Baltpool, Energy Cells, EPSO-G Invest, Litgrid, and Tetas, with additional shareholdings in GET Baltic, Baltic RCC OÜ, and TSO Holding AS.
