Turnover of the independent power transmission system operator of Latvia JSC “Augstsprieguma tīkls” (AST) in 2017 increased to 159 million euros, but the profit reached 309 thousand euros, according to the annual report of 2017 approved by the meeting of shareholders.

The growth of turnover in comparison to 2016 is 36% or 42 million euros. The increase is mainly related to the implemented new building and reconstruction works of transmission assets. The balance sheet total is 189 million euros, which shows an increase of 74 million euros compared to 2016. The increase is mainly related to the acquisition of the shares of the natural gas transmission and storage system operator JSC “Conexus Baltic Grid”.

According to the Shareholder’s decision, 80% of profit or 247.4 thousand euros will be paid in dividends, the remaining 20% will be transferred to reserves for the development of AST.

In 2017 AST continued to work on the implementation of a series of development projects by reconstructing the existing ones and building new substations and transmission lines. In accordance with the Electricity Market Law, the company was also working on the development of the electricity market and integration of Latvia into the internal electricity market of the European Union by participating in activities within the EU and implementing regional projects in the Baltic states.

AST annual report of 2017 is prepared in accordance with the International Financial Reporting Standards. The amount of profit from the provision of transmission services conforms to the planned level and is in line with the decision of the Public Utilities Commission on the permissible profit level and return on capital.