Gas, Gas Market , Good for Business, Latvia

The company's first-half earnings before interest, taxes, depreciation and amortization (EBITDA) was EUR 15.853 mln, up 3% against the first six months of 2019. 

The amount of natural has handled by Conexus in the first half of 2020 rose 14.5% on year to 16.984 mln megawatt-hours  (MWh), while gas consumption in Latvia fell 19.2% from the first half of 2019 to 6.024 MWh in January-June 2020. 

The company's management reported that during the first half of this year Conexus ensured uninterrupted gas supply to clients in Latvia, Lithuania, Estonia, Finland and Russia. With the opening of the single gas market on January 1, demand for services of Latvia's underground gas storage facility in Incukalns has been growing, as bookings for gas storage in the 2020/2021 gas pumping season exceeded the facility's capacity seven times. 

Conexus closed the first six months of 2019 with EUR 27.568 mln in turnover and a profit of EUR 7.311 mln. 

JSC Conexus Baltic Grid was set up in December 2016, when JSC Latvijas Gaze gas utility was reorganized into two separate structural units due to following liberalization of the Latvian gas market on April 3, 2017, in accordance with the principles of regulated market established by the European Union (EU) Gas Directive and the Cabinet of Ministers. Conexus was handed over the natural gas infrastructure: the unified natural gas transmission system and the Incukalns underground gas storage facility. 

The company's key shareholder is the state-owned transmission system operator Augstsprieguma Tikls (68.46%).