Gas, Gas Market , Good for Business, Latvia

The company's representatives said that the main factors driving the company's growth was increased gas transmission and larger storage capacities booked at the Incukalns underground gas storage facility. 

The highest gas transmission intensity was in June, August and September as Conexus ensured uninterrupted gas deliveries in Latvia, Lithuania, Estonia and Russia. Since the pumping of natural gas into the Incukalns storage facility started already on May 1, the amount of gas transmitted in the nine months of 2019 reached 27.7 TWh, up 18% from the same period a year ago.

As reported, Conexus closed 2018 with EUR 54.2 mln in turnover, up 9.8% from 2017, while its profit dropped 21.9% to EUR 13.3 mln.

In the nine months of 2018, Conexus turned over EUR 37.415 mln and made a profit of EUR 10.233 mln, according to updated figures. 

Conexus Baltic Grid, which has taken over natural gas storage and transmission functions from Latvijas Gaze, was established on December 22, 2016. Conexus is Latvia’s natural gas transmission and storage operator managing the Underground Gas Storage facility in Incukalns and the gas transmission system connecting the Latvian gas market with Lithuania, Estonia and the northwestern region of Russia.

Conexus belongs to Augstsprieguma Tikls (34.3 %), Gazprom (34.1%) and Marguerite Gas I (29.06%).