Latvian transmission system operator JSC "Augstsprieguma tīkls" publishes unaudited financial results for the first quarter of 2023
The net turnover of Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST) in the first three months of 2023 was 29.18 million EUR, including revenues for electricity transmission network services in amount of 18.94 million EUR. AST Group's net turnover was 44.91 million EUR and net profit - 1.3 million EUR, is stated in the published AST Groups report for the first quater of 2023.
Electricity transmission segment for the first quater of 2023 was operating with losses of 3.86 million EUR. Despite the fact that electricity price in the electricity exchange in the 1st quarter of 2023 continued to decrease, it still exceeds the current electricity transmission tariff more than twice, negatively affecting the financial results of the electricity transmission segment.
As reported previously, on July 1st the new transmission service tariff of JSC "Augstsprieguma tīkls" will come into effect, in which the impact of electricity price fluctuations on the company's results has been reduced. Transmission tariffs during the regulatory period will increase by 30%, and depending on the specifics of ASTs' customers, they should expect an increase ranging from 23% to 40%. The company has managed to find solutions in order to reduce the costs included in AST tariffs by 58.1 million EUR, in addition to the previously implemented cost reduction measures. Thanks to this, even after July 1, transmission tariffs will remain competitive at the Baltic level and on average will be 25% lower than the tariff of the Estonian transmission system and 27% lower than the tariff of the Lithuanian transmission system.
In the reporting period, the revenues of the natural gas transmission segment were 8 million EUR, but the profit reached 2.3 million EUR (by 23% less than in the corresponding period of the previous year). The revenue of the larger natural gas storage segment was 7.6 million during the reporting period. EUR, but the profit is 2.8 million. EURO.
In the Interim financial reports section, you can familiarize yourself with the reports on the AST website https://www.ast.lv/en/content/financial-statements#UCFS