Conexus turnover reaches EUR 38.6 million in the first half of the year

The turnover of the unified natural gas transmission and storage system operator AS Conexus Baltic Grid ("Conexus") reached EUR 38.6 million in the first six months of this year, representing an 8% decrease compared to the corresponding period of the previous year, according to the company’s unaudited financial report for the first half of 2026.

During the first half of the year, Conexus ensured an uninterrupted supply of natural gas to customers in Latvia, as well as natural gas transmission and storage services for the needs of Lithuania, Estonia, and Finland. A total of 7.2 TWh of natural gas was delivered from the Inčukalns Underground Gas Storage (UGS) facility during the reporting period. The volume of natural gas received from Lithuania reached 8.6 TWh, which is 72% higher than a year earlier, while the volume received from Finland reached 1.5 TWh, twice the amount recorded in the corresponding period of the previous year.

The total volume of natural gas transmitted in Latvia during the first half of the year amounted to 17.5 TWh, an increase of 26% compared to the same period last year. Natural gas consumption by Latvian users also increased by 26%, reaching 6.1 TWh.

At the end of the reporting period, the volume of natural gas stored in the Inčukalns UGS stood at 9.3 TWh, which is 17% lower than at the same time last year. It should be noted that due to cold weather, 7 TWh of natural gas was withdrawn from the storage facility in January and February, while injection operations resumed in March. Importantly, the Inčukalns UGS has increased its capacity and flexibility in line with market needs, and the facility now operates in a variable mode, providing both gas injection and withdrawal services. For the 2026/2027 storage cycle, the maximum working gas volume has been set at 24.4 TWh.

The company’s net profit for the first half of the year amounted to EUR 11.5 million, which is 30% lower than in the corresponding period of the previous year.

During the first six months of this year, demand for the five-year bundled capacity product exceeded the volume offered at auction by two times. Capacity totaling 1.6 TWh was reserved through the auction. For the 2026/2027 storage cycle, a total of 9 TWh of capacity has been reserved under this product with an effective fee of EUR 2.06/MWh per storage cycle. In addition, capacity totaling 3.1 TWh was reserved through several bundled capacity product auctions at an effective fee of EUR 2.13/MWh per storage cycle.