During the first nine months, the amount of natural gas transferred by Conexus Baltic Grid is increasing to 29 TWh

In the nine months of 2020, the volume of natural gas transferred by the natural gas transmission and storage system operator JSC “Conexus Baltic Grid” (Conexus) increased by 6% compared to the 2019 period and reached 29 TWh, according to the company's financial statement for the nine months of this year.

In the nine months of 2020, Conexus provided a continuous supply of natural gas for the needs of Latvia and neighbouring countries. The opening of the single natural gas market at the beginning of the year has allowed for improvement of the total volume of gas transferred, while the volume of natural gas transferred to Latvian consumption has decreased by 24% due to warm weather conditions during the winter season, reaching 7.9 TWh during the reporting period. Nevertheless, overall volume of natural gas over the nine months of the year, compared to 2019, has increased by 6%, reaching 29 TWh.

Users' interest in Inchualns' underground storage has also been increased in the storage segment, as demonstrated by the activity of market participants in bookings for the suction season 2020./2021. High demand has allowed the storage of active natural gas at 21.5 TWh, 18% more than last season.

Uldis Bariss, Chairman of the Board of Conexus: "The data from the review period show the importance of the creation of the single market and the integration of the countries in it into a single framework. We see warm winters continue to have an impact on local natural gas consumption rates, so it is essential to continue to strengthen our activity internationally and expand it. Nevertheless, overall overcapacity continues to maintain a positive growth trend, while interest in Inchualna's underground gas storage services is invariably high, thereby strengthening our operational positions and strategic role in the region."

Conexus's capital investment increased significantly during this period, increasing by 16% compared to last year. In the storage segment, the largest investment during the reporting period was directed to reconstruct storage drills, investing €3.96 million, while the largest investment in the transmission segment was directed to 2 projects: a branch to a gas regulating station for the redevelopment of Slok (€1.3 million) and gas transmission for underground gas pipelines (€1.2 million).

Overall, in the 9 months of 2020, Conexus's net turnover reached €40 million, 6% less than a year earlier. Profit reached EUR 9.89 million, while EBITDA was EUR 22,5 million.