Latvia’s transmission system operator AS Augstsprieguma tīkls (AST) invested EUR 55.25 million in the development of the electricity transmission network during the first half of 2025, strengthening reliability of supply and the availability of transmission services. Of this amount, EUR 20.36 million, co-financed by the European Union (EU), was allocated to synchronisation-related projects, EUR 6.95 million to the reconstruction of substations and transmission lines, and EUR 17.51 million to connecting new solar and wind power plants to the transmission grid, funded by developers.
AST’s consolidated net turnover for the reporting period amounted to EUR 126.72 million, including EUR 46.71 million in revenue from electricity transmission services. Profit reached EUR 13.16 million, largely driven by dividends of EUR 10,62 million received from the subsidiary Conexus Baltic Grid (Conexus). Compared with the corresponding period in 2024, revenue increased by EUR 49.53 million due to higher congestion management income allocated to cover electricity transmission service costs. By the decision of the Public Utilities Commission (PUC) of 22 May 2023, AST is permitted to use accumulated congestion management revenues to cover transmission system service costs until the end of 2025, in total up to EUR 62.1 million. In the first half of 2025, EUR 38.39 million of these revenues were used and recognized as income to cover overall transmission service costs, including balancing capacity.
“Following the successful synchronisation of the Baltic electricity grids with Continental Europe on 9 February, AST continued work during the first half of the year on the final synchronisation infrastructure projects. In October, battery energy storage systems in Rēzekne and Tume will be commissioned, along with the third synchronous condenser station in Līksna. The new Baltic balancing market is expanding with the participation of new entrants, providing the balancing reserves required by the energy system at the lowest possible cost to consumers. For the further electrification of Latvia’s economy and to foster growth in electricity consumption, the long-term stability of transmission tariffs is also essential. To this end, during the reporting period we submitted a tariff proposal to the PUC for the next three years without an increase in consumer costs,” said AST Chairman of the Management Board Rolands Irklis.
Promoting further integration into the EU energy market, AST, together with the Lithuanian and Estonian transmission system operators, joined the European automatic frequency restoration reserve (aFRR) energy exchange platform PICASSO during the reporting period. In the coming years, AST will continue work on the development and enhancement of the single EU day-ahead and intraday electricity markets. These initiatives will open up new opportunities for EU electricity market participants, including those in Latvia and across the Baltics.
In the first half of 2025, a record volume of high-voltage substations was constructed, with four new substations connected to the grid to integrate solar and wind power plants. Over the next two years, more than 20 additional substations are planned to be built for renewable energy projects.
The AST Group consists of the parent company AST and its subsidiary Conexus, the unified natural gas transmission and storage operator, in which AST holds a 68.46% stake. The Group’s core activities include performing the functions of the electricity transmission system operator, efficient management of transmission system assets, as well as natural gas transmission and storage. During the reporting period, natural gas transmission volumes increased by one terawatt-hour (TWh), or 8%, compared to the first half of 2024, reaching 13.6 TWh. The volume of electricity transmitted in Latvia remained broadly in line with the corresponding period of the previous year, totaling 2,997 GWh.
AST Group’s consolidated net turnover was EUR 177.51 million (compared to EUR 131.34 million in the first half of 2024), while net profit amounted to EUR 19.07 million (EUR 29.02 million in the corresponding period of 2024).
More information is available in the full report published on AST’s website: https://www.ast.lv/en/content/financial-statements
About AS Augstsprieguma tīkls
AST is Latvia's power transmission system operator, which ensures continuous, secure and sustainably efficient power transmission throughout Latvia. Its vision is to become the region's leading transmission system operator, which implements development-oriented changes efficiently and successfully. AST owns 68.46% of shares in the natural gas transmission and storage system operator AS Conexus Baltic Grid.
For further information, please contact:
Līva Jēgere,
Head of Communications,
Phone: +371 26151344.
E-mail: liva.jegere@ast.lv