Conexus: record volume of natural gas stored in Inčukalns UGS in the first three months of the year

Taking into account the geopolitical situation in Europe, Conexus Baltic Grid JSC (Conexus) has taken the necessary actions to avoid energy supply risks in Latvia and the region as a whole, according to the company's unaudited financial statements for the first three months of 2022. In the first three months of this year, the Inčukalns Underground Gas Storage (UGS) stored a record 7.6 TWh of natural gas.

Natural gas stocks at Inčukalns UGS in the reporting period have been built up due to several factors. Firstly, natural gas consumption was lower in the first three months of the year. Secondly, Conexus, in response to the geopolitical situation in Europe, started injecting natural gas on 27 February, during the storage withdrawal season.

The volume of natural gas transported fell by 11% in the period under review, due both to higher temperatures in the winter months than in the corresponding period of 2021 and to a two-thirds drop in electricity generation at the country's largest thermal power plants. The fall in natural gas consumption has allowed a reduction in the amount of natural gas withdrawn from Inčukalns UGS and 6.8 TWh of natural gas was withdrawn in the first three months of 2022.

Uldis Bariss, Chairman of the Management Board of Conexus: "Our priority at this time is to increase energy security in order to minimise risks in the areas of natural gas transmission and storage. Therefore, in response to the changing geopolitical situation, we took swift decisions to facilitate faster build-up of natural gas stocks at the Inčukalns underground gas storage facility, including the start of physical gas injection already at the end of February."

In the reporting period, Conexus' net turnover amounted to EUR 15.78 million, down 16% year-on-year. EBITDA for the period amounted to €9.97 million, down 25%. In the period under review, Conexus posted a net profit of EUR 5.43 million, down EUR 3.36 million year-on-year.