Latvian transmission system operator JSC "Augstsprieguma tīkls" publishes unaudited financial results for the three months of 2024
In the first three months of 2024, the Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST) invested EUR 13.69 million in electricity transmission assets, of which EUR 9.55 million went towards synchronisation with the European electricity transmission network and EUR 3.75 million to the rebuilding and renewal of substations and transmission lines. AST’s net turnover in the reporting period was EUR 40.86 million, including revenues of EUR 24.26 million from electricity transmission network services and a profit of EUR 0.8 million, according to the report published by AST Group.
In the reporting period, AST made a profit of EUR 0.8 million, positively affected by the possibility of covering the costs of transmission system services with grid-constraint management revenues of EUR 1.2 million. In a decision taken on 22 May 2023, the Public Utilities Regulatory Commission granted AST permission to use accumulated grid-constraint management revenues to cover the costs of transmission system services up to a total of EUR 62.1 million until the end of 2025.
AST Group had a net turnover of EUR 70.59 million and a profit of EUR 19.11 million. During the reporting period, AST Group’s natural gas transmission segment generated revenues of EUR 14.72 million and a profit of EUR 8.41 million. Meanwhile, the natural gas storage segment generated revenues of EUR 15.01 million and a profit of EUR 9.89 million in the reporting period.
During the reporting period, AST continued its work on preparing the Latvian transmission system for synchronous operation with the European electricity grids, disconnecting from the Russian-controlled power system. In February 2024, the construction of the Battery Energy Storage System (BESS), which is vital for the security of Latvia’s energy system, started in cooperation with the German company Rolls-Royce Solutions. The total cost of the project is EUR 77.07 million. European Union financing from the Recovery and Resilience Facility (RePowerEU) in the amount of 100% has been attracted for the delivery and installation of the battery system with a total capacity of 60 MW and 120 MWh. At the same time, the supply and installation of 20 MW/40 MWh batteries in Tume and the substation expansion works related to the BESS connection will be co-financed in the amount of 75% by the Connecting Europe Facility (CEF).
AST Group consists of the parent company AST and the subsidiary Conexus, a single natural gas operator in which AST’s shareholding is 68.46%. The AST Group’s primary business is carrying out electricity transmission network operator functions, the efficient management of electricity transmission network facilities, and the transport and storage of natural gas.
The financial statements are available on the AST website: https://www.ast.lv/en/content/financial-statements#UCFS.
About AST
AST is a Latvian electricity transmission system operator that provides continuous, safe and sustainably efficient electricity transmission throughout Latvia. Its vision is to become the leading transmission system operator in the region, which operatively and successfully implements development-orientated changes. AST owns 68.46% of the shares in the natural gas transmission and storage system operator JSC Conexus Baltic Grid.
Further information:
Līva Jēgere
Head of Communications
Tel. +371 26151344
E-mail: liva.jegere@ast.lv
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