AST acquired the shares of AS Conexus Baltic Grid



On 21 July 2020, AS Augstsprieguma tīkls, fulfilling the task given by the Cabinet of Ministers, has concluded a transaction with PAS Gazprom for the acquisition of 34.10% of AS Conexus Baltic Grid shares, thus increasing its control in the company to 68.46%. As a consequence of this transaction, the state now has full control over the gas transmission system in the country, thus promoting the strengthening of state energy security and the further development of the gas system in accordance with the set objectives of the state energy policy.

In accordance with the changes in the shareholder structure, the further management of AS Conexus Baltic Grid will be provided by AS Augstsprieguma tīkls together with MM Infrastructure Investments Europe Limited, which holds 29.06% of the shares, and other shareholders, which together own 2.48% of shares.

AS Conexus Baltic Grid is a unified natural gas transmission and storage operator in Latvia which is responsible for the safe and uninterrupted operation of the natural gas transmission system and regional gas flows in the regional gas market which unites Latvia, Estonia, and Finland, established 1 January 2020. In addition, AS Conexus Baltic Grid manages and administers the Inčukalns underground gas storage facility, which is the only such storage facility in the region and is an essential element of the energy system’s security.