Conexus: Natural gas consumption in the Latvian market continues to decline

In Latvia, natural gas consumption during the first nine months of this year has continued to decrease, reaching 5.9 terawatt-hours (TWh), which is 6% less than in the same period last year, according to the financial report of the unified gas transmission and storage system operator “Conexus Baltic Grid” (Conexus) for the first nine months of 2025. Meanwhile, 17.4 TWh of capacity has been reserved in the Inčukalns Underground Gas Storage (UGS), accounting for 70% of the facility’s technical capacity.

Natural gas consumption in Latvia during the first nine months of this year amounted to 5.9 TWh. At the end of the reporting period, 13.9 TWh of natural gas had been injected into the Inčukalns UGS, which is 28% less than at the same time last year. However, this volume is still significantly higher than Latvia’s average annual consumption of around 8 TWh. This means that the storage fill level is fully capable of meeting local market needs while also ensuring supply stability for the region.

For the 2025/2026 storage cycle, 17.4 TWh has been reserved at Inčukalns UGS, including 1.8 TWh designated as Latvia’s energy security reserve, confirming the strategic importance of the storage facility in the Baltic and Finnish energy system.

In the first nine months of this year, Conexus’ turnover reached €54.3 million, which is 23% less than in the same period last year. This decline was influenced by a reduction in reserved transmission capacity, lower natural gas consumption, and a decrease in storage capacity reservations.

The company’s profitability remains stable, with a profit of €17.6 million, while investments in infrastructure maintenance and development during the reporting period amounted to €21.3 million. Results for 2025 have fallen compared to the record-high figures of 2024; however, the profit for the first nine months of 2025 is the second-highest in the past five years and is several times greater compared to the same periods from 2021 to 2023.