The primary reason was higher utilisation of the Elektrėnai reserve complex, operating on fossil fuel, to ensure system security — particularly around the final synchronisation of the Baltic grid with Continental Europe in February 2025.
This reflects a transition-phase security premium rather than a reversal of decarbonisation strategy. Nevertheless, it may draw attention from ESG-focused investors monitoring short-term emissions trends.
4️⃣ BESS as a New Revenue Layer
Battery investments (291 MW / 582 MWh) are no longer conceptual. They position Ignitis as a balancing and frequency control provider.
In a post-BRELL environment, system balancing becomes critical infrastructure. Revenues from ancillary services and grid stability could structurally complement — and potentially exceed margins of — pure electricity sales.
5️⃣ Offshore Wind Complexity: Curonian Nord
The 700 MW offshore project underwent audit review and restructuring in late 2025. Assets were transferred into a dedicated subsidiary (“Offshore Wind Farm 1”).
This reflects the regulatory and financial complexity of offshore wind rather than operational weakness. However, it underscores that offshore development remains the most technically demanding part of Ignitis’ portfolio.
Peak or Platform?
Arguments for a peak:
Major renewable projects reached COD.
Smart meter rollout completed.
Synchronisation milestone achieved.
Arguments for a new normal:
Expanded EUR 3.5bn network investment plan to 2033.
Growing regulated asset base.
BESS deployment entering revenue phase.
Ongoing EU decarbonisation pressure toward 2030.
At present, Ignitis appears less like a company concluding an investment cycle and more like one consolidating a multi-layer infrastructure platform.
The answer may emerge in 2026–2027 — depending on regulatory stability, electricity market conditions and capital costs. BSM © 2026