Latvian transmission system operator JSC "Augstsprieguma tīkls" publishes unaudited financial statements for 2023


The revenue of the Latvian transmission system operator JSC "Augstsprieguma tīkls" (AST) in 2023 was 156.42 million EUR, but the profit, compared to 2022, decreased by 9% and reached 9.96 million EUR, according to the published unaudited financial statements for the previous year.

During the reporting period, AST's profit was mainly driven by the dividend in amount of 5.72 million EUR from the subsidiary company "Conexus Baltic Grid" (Conexus). With the approval of the Public Utilities Commission (PUC), AST utilized the accumulated congestion revenues in amount of 12.54 million EUR to cover the costs of electricity transmission system services, that also had a positive effect on AST's profitability. In the first 6 months of 2023, the price of electricity for transmission losses and technological consumption exceeded the price of electricity planned in the electricity transmission tariff valid until July 1, 2023, almost three times. In order to ensure the profitability of the transmission system operator, with the decision of the PUC Council of May 22, 2023, new tariffs for electricity transmission system services were approved and permission was granted to use the accumulated congestion revenues to cover losses. The exact amount of revenue from the accumulated congestion revenues needed to cover the costs of transmission services in 2023 will be determined in AST's audited report.

The revenue of "Augstsprieguma tīkls" Group (AST Group) in 2023 was 232.89 million EUR, but the profit for the reporting year – 21.26 million EUR. The AST Group consists of the parent company AST, which includes a subsidiary company – the unified natural gas operator Conexus. AST owns 68.46% of the capital shares of Conexus. The main activity of the AST Group is the provision of functions of the electricity transmission system operator, efficient management of electricity transmission system assets, natural gas transmission and storage.

In 2023, AST transmitted electricity to users in Latvia in the amount of 6,024 gigawatt hours (GWh). AST's revenue for electricity transmission network services in 2023 was 85.56 million EUR.

The revenue of the natural gas transmission segment of the AST Group in 2023 was 26.23 million EUR, profit – 0.98 million EUR, while the revenue of the natural gas storage segment was 50.24 million EUR, profit – 15.19 million EUR.

The reports can be found on the AST website: