LONDON, UK: Fingrid Oyj has sold its shareholding in TSO Holding AS to Litgrid Ab through a share transaction closed on 31 October 2022.
Litgrid acquired the shares from Fingrid and Energinet for approximately 135 million Norwegian kroner (approx. 13.5 million euros).
TSO Holding owns 34 per cent of the shares in Nord Pool Holding AS that operates the power exchange in 16 European countries. The transaction will increase Litgrid Ab’s shareholding in TSO Holding to 39.6 per cent.
“Power exchange business is competitive business in Europe. As a natural monopoly, Fingrid’s strategy is not to own competitive businesses. This transaction completes the process started in 2019 of withdrawing totally from power exchange ownership,” says Fingrid Oyj’s CEO Jukka Ruusunen of Fingrid Oyj’s decision to sell its shareholding in TSO Holding AS.
Fingrid Oyj is a Finnish national electricity transmission grid operator. It is owned by the Finnish state and various financial and insurance institutions.
Litgrid AB is a Lithuanian electricity transmission system operator that operates Lithuania’s electricity transmission grid. Litgrid is responsible for the integration of the Lithuanian electricity system into the European electricity infrastructure and the common electricity market.