Latvian transmission system operator JSC "Augstsprieguma tīkls" publishes unaudited financial results for the first half of 2023


The net turnover of the Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST) in the first six months of 2023 was EUR 72.7 million, including revenues for electricity transmission network services in amount of EUR 37.2 million, but the profit before taxes reached EUR 0.3 million. The net turnover of the AST Group was EUR 105.1 million, net profit – EUR 8.4 million, according to the published AST Group's report for the first six months of 2023.

In order to maintain the lowest electricity transmission tariffs in the Baltics, in addition to the already implemented cost reduction measures, AST, with the approval of the Public Utilities Commission (SUC), will utilize the accumulated overload revenues in amount of EUR 62 million by the end of 2025 to cover the costs of electricity transmission system services. This allows to ensure a lower transmission system tariff than in Estonia and Lithuania.

AST's profit in the first half of 2023 was significantly affected by the price of electricity for transmission losses – it exceeded the price included in the calculation of transmission tariffs by 2.9 times during the reporting period. Congestion charge revenue in amount of EUR 12.5 million was diverted to cover the increase in costs.

At the same time, AST continues to modernize the electricity transmission system and prepare for starting synchronous work with continental Europe, planned at the beginning of  2025, in order to disconnect the Latvian electricity supply system from the network controlled by Russia and Belarus and strengthen the energy security of our country, most of which is implemented with the co-financing from the European Union in the amount of EUR 300 million. In June 2023, AST submitted for approval to PUC an electricity transmission system development plan for the next 10 years, according to which EUR 510 million will be invested in the electricity transmission system, which also includes the synchronization of Latvia's transmission system with continental Europe, as well as other important projects.

The revenues of the natural gas transmission segment of AST Group in the reporting period were EUR 12.1 million, but the profit reached EUR 98 thousand. The revenues of the natural gas storage segment in the reporting period were EUR 20.2 million, but the profit is EUR 8 million.

In the first half of 2023, AST transmitted electricity to users in Latvia in the amount of 3,138 GWh, which is 5.4% less than in the corresponding period last year. The total amount of natural gas transported for the needs of Latvian residents reached 14.7 TWh, which is 14.3% less than last year.

In the Interim financial reports section, you can familiarize yourself with the reports on the AST website