27.02.2026.
In 2025, Latvia’s transmission system operator AS Augstsprieguma tīkls (AST) invested EUR 182.85 million in the development of the electricity transmission network, strengthening security of electricity supply and ensuring the availability of transmission services. Of this amount, EUR 90.84 million – with significant co-financing from the European Union (EU) – \was invested in projects related to the Baltic energy system synchronisation with Europe, EUR 16.7 million in the reconstruction and renewal of substations and transmission lines, and EUR 51.07 million in the establishment of new grid connections for solar and wind power plants, as well as Battery Energy Storage Systems (BESS), financed by developers, according to AST Group's unaudited financial statements for 2025.
"In 2025, we implemented major measures related to energy independence and security of supply – the synchronization of the Baltic electricity systems with Continental Europe, completion of all synchronization-related infrastructure projects worth more than EUR 90 million, strengthening of cybersecurity, and construction of new grid connections for the integration of renewable energy resources. We also have ambitious plans for the coming years and intend to continue actively attracting EU funding while providing high-quality electricity transmission services at the lowest possible tariffs. The Public Utilities Commission has approved the transmission tariffs developed by us for the next three-year period starting in 2026, ensuring overall tariff stability or reducing them for certain user groups, thereby maintaining cost competitiveness in the Baltics," said Rolands Irklis, Chairman of the Management Board of AST.
During the reporting period, AST's profit increased from EUR 14.76 million in 2024 to EUR 17.75 million in 2025, mainly driven by dividends received from the subsidiary Conexus Baltic Grid in the amount of EUR 13.34 million. As the volume of congestion management revenues* allocated to cover electricity transmission service costs and balancing energy revenues increased, AST's net turnover reached EUR 264.26 million, including EUR 94.19 million in revenue from electricity transmission network services, which is 0.6% more than in 2024. The volume of electricity transmitted to Latvian users in 2025 increased by 1.7% to 6,118 GWh.
Until the end of 2025, the Public Utilities Commission has authorised AST to use accumulated congestion-management revenues to cover transmission system costs in the total amount of EUR 62,1 million. In the first nine months of 2025, AST used and recognised in revenue EUR 45,45 million for covering transmission service costs, including balancing capacity.
Starting from 2026, the PUC has approved AST's electricity transmission tariffs for the next three years. AST has ensured tariff competitiveness in the Baltics and long-term stability. The tariff reduction differs by user group, while transmission costs for household users remain unchanged. AST has maintained transmission tariff stability despite the challenges of the previous regulatory period and ambitious development plans aimed at strengthening energy system security and the transmission network in the coming years.
In recent years, AST has concluded 31 agreements for connecting renewable energy power plants to the transmission network, with total reserved capacity reaching 2,999.14 megawatts (MW). In 2025, construction of five new substations for renewable integration was completed: the new "Marientāle" substation in Bērzgale Parish, Rēzekne Municipality; the "Vārme" substation in Vārme Parish, Kuldīga Municipality; the "Nīzere" and "Rūtiņi" substations in Stelpe Parish, Bauska Municipality; and the "Bāliņi" substation in Ezernieki Parish, Krāslava Municipality. In addition, four new renewable connections were established at the existing substations "Tārgale", "Rīgas TEC-2", "Brocēni" and "Krustpils", with or without an increase of the existing connection capacity.
In 2025, AST continued work on the development of new cross-border interconnections with neighbouring transmission systems. During the reporting period, the environmental impact assessment for the construction of a new 330 kV transmission line "Ventspils–Brocēni–Varduva" continued, and preparatory studies were launched for the construction of the fourth Latvia–Estonia interconnection as a subsea cable.
To support the development of renewable generation and foster broader competition—both geographically and through new service models – European transmission system operators, including AST, together with power exchanges, have been improving the electricity market design for several years. One key change is the transition from 60-minute to 15-minute trading intervals in power exchanges and balancing markets. A major milestone was reached on 30 September 2025, when the day-ahead market across Europe moved to 15-minute trading periods, with the first delivery day on 1 October. This change enables Baltic TSOs to plan and procure balancing reserves more accurately and reserve cross-border capacities needed for system balancing. For balancing-capacity market participants – especially those with renewable or highly flexible portfolios – it offers the opportunity to provide capacity for shorter periods and plan delivery obligations more precisely.
Conexus Baltic Grid’s natural gas transmission segment revenues in the reporting period amounted toEUR 48.25 million, and profit before corporate income tax reached EUR 6.62 million. The 66% increase in profit compared to the previous year was mainly related to asset revaluation carried out in 2024. The natural gas storage segment generated revenues of EUR 41.57 million, while profit before corporate income tax amounted to EUR 21.76 million, which is 42% less than in the previous year. The decrease in profit is mainly related to a 31% decline in natural gas storage service revenue compared to the previous year, driven by a reduction in storage capacity reservations.
In 2025, the net turnover of the Augstsprieguma tīkls Group was EUR 354.08 million (EUR 258.61 million in 2024), and net profit increased from EUR 22.67 million in 2024 to EUR 27.51 million in 2025. The AST Group consists of the parent company AST and its subsidiary – the unified natural gas operator Conexus Baltic Grid, in which AST holds 68.46% of the share capital. The core activities of the AST Group are ensuring the functions of the electricity transmission system operator, efficient management of electricity transmission system assets, and the transmission and storage of natural gas.
The financial statements are available on the AST website: https://www.ast.lv/en/content/financial-statements
* Congestion management revenues arise from price differences between bidding zones in the electricity market and from the auctioning of cross-border transmission capacity financial transmission rights (FTR – option).
About JSC "Augstsprieguma tīkls"
AST, the Latvian electrical power transmission system operator, ensures uninterrupted and secure transmission of electricity throughout Latvia. Its vision is to become the leading transmission system operator in the region through the efficient and successful implementation of development-oriented changes. AST has 68.46% shareholding in the capital of the operator of the natural gas transmission and storage system JSC "Conexus Baltic Grid".
For further information, please contact:
Līva Jēgere,
Head of Communications,
Phone: +371 26151344.
E-mail: liva.jegere@ast.lv