Conexus turnover up 24% last year

The turnover of the single gas transmission and storage system operator Conexus Baltic Grid AS ("Conexus") in 2024 reached EUR 94.77 million, which is 24% more than in the previous year, according to data on the company's performance in 2024. According to Uldis Bariss, Chairman of the Management Board of Conexus, last year the company continued to develop strategically important projects in a focused manner, adapting to changes in the energy sector and the geopolitical situation.

At the end of the reporting year, 16.3 TWh of natural gas was stored in the Inčukalns underground gas storage facility, which is less than at the same time last year. On 15 October 2024, at the start of the official withdrawal season, 19.5 TWh of natural gas was in storage, representing almost 80% of the total storage capacity.

Meanwhile, natural gas consumption for Latvian users in amounted to 8.8 TWh, 7% more than in the previous year. The increase in consumption was driven by a gradual decline in the price of natural gas and an increase in electricity generation at the country's largest thermal power plants. The total volume of natural gas transported in Latvia in 2024 was 25.2 TWh, down by 13% compared to the previous year.

In 2024, Conexus provided uninterrupted natural gas supply to users in Latvia, as well as natural gas transmission and storage services to Lithuania, Estonia and Finland. During the natural gas injection season, 52.8% of the total gas entering the Latvian and Estonian gas network was supplied from Finland, 46.9% from Lithuania and 0.3% from biomethane produced in Latvia.

"In a changing energy sector and a challenging geopolitical environment, last year we continued to develop strategically important projects aimed at strengthening energy security, modernising infrastructure and using sustainable resources. We have invested EUR 33.5 million in the modernisation of the Inčukalns underground gas storage facility and continued our cooperation with partners in the international Nordic-Baltic Hydrogen Corridor project," says Uldis Bariss, Chairman of the Conexus Management Board.

U. Bariss explains that one of the most important developments last year was the integration of biomethane into the energy supply system. "In 2024, we were involved in the establishment of the first direct connections to the natural gas distribution system, allowing biomethane plants to feed the biomethane they produce into the common gas network. This season, 0.04 TWh of biomethane was produced and fed into the grid. Also, the establishment of a biomethane entry point in Džūkste municipality has started," comments U. Bariss.

Looking ahead to this year, U. Bariss points out that one of the European investment projects - the modernisation of the Inčukalns underground gas storage facility - will be completed at the end of the year. Work is also continuing on the development of the Nordic-Baltic Hydrogen Corridor project. Following the successful completion of a feasibility study and a grant of €6.8 million from the European Commission, six European gas transmission system operators are continuing detailed studies in each of the countries involved to assess the economic, environmental and technical aspects of the project and to develop the necessary measures for its successful implementation.

• Stable financial performance

In 2024, EBITDA increased by 34% compared to the 2023 result to €67.7 million, while profit was €38.4 million, up 2.4 times compared to the previous year. This was due not only to the increase in EBITDA, but also to the impairment of assets.