JSC "Augstsprieguma tīkls" increases its share capital for the implementation of synchronisation projects


On December 15, 2023, at the extraordinary general meeting of shareholders of Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST), it was decided to increase the company's share capital by EUR 3 956 516 in accordance with the share capital regulations approved by the shareholder. The invested funds will be used to make the necessary investments, including the synchronisation with the Continental European network.

The share capital of AST has been increased to 395,555 million. EUR in order to implement investment projects important for Latvia's energy independence and energy system reliability. As previously reported, AST's investment budget for the next ten years in the period from 2024 to 2033 reaches 509 million. EUR, of which 244 million EUR will be co-financed by European Union funds.

Fundamental changes are being made in the transmission network infrastructure and management technologies, so that by 2025 the Latvian transmission system will be prepared for the start of synchronous work with continental Europe. Disconnecting the Latvian electricity supply system from the network controlled by Russia is a base condition for ensuring Latvia's energy independence and security of energy supply. Since Russia invaded Ukraine, risks have also increased in the power systems of the Baltic States, so on May 12, 2023, the Prime Ministers of the Baltic States expressed their determination to implement the synchronisation of the Baltic power grids with Europe as soon as possible. On July 25, 2023, the climate and energy ministers of the Baltic States agreed on joint efforts to implement this project co-financed by the European Union in early 2025 - almost a year earlier than previously planned. European Union co-financing for synchronisation projects reaches up to 75%.