Conexus increases it turnover by 13%

​The unaudited financial data of the unified natural gas transmission and storage system operator JSC “Conexus Baltic Grid” (Conexus) for its operation during the last nine month of this year show that the company has worked with 13% turnover increase when compared with the relevant period last year, exceeding 42.4 million euro. The company states that the main factors which have influenced positively the growth are larger volumes of the managed natural gas and larger reservation volumes in Inčukalns Underground Gas Storage.

The largest intensity of managed natural gas volume was in June, August and September, when Conexus ensured uninterrupted supply of natural gas for the needs of Latvia, Lithuania, Estonia and Russia. Since the suction of natural gas was started this year already on 1 May, the volume of managed natural gas during nine years of this year has reached 27.7 TWh, that is by 18% more than the last year.

Natural gas pumping season in Inčukalns Underground Gas Storage (Inčukalns UGS) ended on 30 April and during this season 10.8 TWh active natural gas was removed from the storage.

Zane Kotāne, Chairperson of Board of Conexus informs: “The stable financial indicators of the company evidence firstly that Conexus is a reliable cooperation partner which provides stable supply of natural gas also in the conditions of high demand. Secondly, the company’s operation strategy through strengthening storage capacity and presence in energy transnational projects was correct, because Latvian natural gas infrastructure is considered, and its role is seen in a wider region and also in the large European infrastructure projects.”

Company’s growth is evidenced also by annual TOP101 Latvia’s Most Valuable Enterprises made by Prudetia and Nasdaq Riga where Connexus is recognized as 20th most valuable company in Latvia, stepping up from the 24th place in 2018.

The profit of the unified natural gas transmission and storage system operator for nine months 2019 has increased by 21% when compared with the relevant period of previous year, and has reached 12.3 million euro.