Last year the turnover of “Conexus Baltic Grid” has increased by 9.6%
According to the unaudited financial statements of the company - in 2019, the turnover of the unified natural gas storage and transmission operator “Conexus Baltic Grid” JSC (Conexus) reached 59.3 million euro which is by 9.6% more that in 2018.
During the reporting period, the profit of the company has reached 17.9 million euro, but EBITDA is 34.2 million euro. The financial results of Conexus were influenced positively by the increase of total transmitted volume of natural gas which, when compared with 2018, has increased in general by 13% and reached 34 037 GWh. The largest flows of transmitted natural gas were observed in summer when natural gas is pumped in Inčukalns Underground Gas Storage (Inčukalns UGS). During the storage cycle 2019/2020, 8.54 TWh were reserved which was the best filling indicator during the last four years.
Zane Kotāne, Chairperson of Board of "Conexus Baltic Grid" JSC informs: “Development of natural gas market in the region is the primary operating target of Conexus. It comprises the maintenance of secure and available infrastructure, sustainable work of Inčukalns UGS, int.al. including the introduction of new innovations. Along with the commenced Inčukalns storage modernization project and the investments in system maintenance and improvement, 2019 was spent creating the unified natural gas market and significant work was made in development of the required solutions so that the market could start operation form 1 January 2020. It has resulted in creation of unified entry tariff zone of Latvia, Estonia and Finland and creation of unified Latvia-Estonia balancing zone and elaboration of regulating and contractual framework required for their operation. In 2020 we shall continue our work at improvement of the unified market functioning to strengthen the positions of Inčukalns UGS internationally, and to promote in total the implementation of modern and development-focused market model.”
During the reporting period, Conexus has commenced a large-scale Inčukalns UGS modernization project which has received European cofunding in amount of 50%. After implementing it, the technical infrastructure and operational security of equipment will be materially improved so that the storage could maintain its functionality after the increase of pressure in the Baltic natural gas transmission system. Total investments of the project are 88 million euro that are invested in the storage to 2025, half of the investments are covered with European co-funding. During the reporting year, Conexus made total investments in amount of 14.5 million in maintenance and improvement of main transmission system and storage infrastructure.