Assessment: the pure fuel storage service on the Inčukalna storage considerably will increase the earnings of “Conexus”.

The turnover of the built-in pure fuel transmission and storage system operator “Conexus Baltic Grid” (Conexus) within the first quarter of this yr was 29.7 million euros, which is nearly twice as a lot as within the corresponding interval of the earlier yr, reportedly. the aggregated knowledge on the corporate’s efficiency within the first quarter of 2024 in three months. The rise in income is made potential by the excessive demand for pure fuel storage service on the Inčukalnas underground fuel storage facility (PGK).

On the finish of the reporting interval, on March 31, 2024, Inčukalna PGK had saved pure fuel within the quantity of 11.1 terawatt hours (TWh) (together with vitality provide safety reserves of 1.8 TWh), which is 37 % greater than final yr at the moment, the corporate knowledgeable.

The quantity of pure fuel consumption for Latvian customers within the first three months of 2024 reached 4.2 TWh, which is 27% greater than within the corresponding interval of the earlier yr. The rise in pure fuel consumption was affected each by the climate, which was harsher within the winter months than in 2023, and because of this the necessity of customers for fuel pure for heating greater than within the earlier yr, and in addition with the gradual lower within the value of pure fuel, which allowed customers to extend their consumption of pure fuel. Then again, the whole quantity of pure fuel transported in Latvia within the reporting interval reached 7.3 TWh, which is 6% lower than within the corresponding interval of the earlier yr.

Within the first three months of this yr, “Conexus” ensured a steady provide of pure fuel for the wants of Latvia, Lithuania and Estonia. Pure fuel provide was created from Inčukalnas PGK – 6.8 TWh, which is twice as a lot as within the three months of the earlier yr. For the reason that underwater fuel pipeline connecting Finland and Estonia “Balticconnector” has been closed since October 8, 2023, “Conexus” didn’t take part within the provide of Finnish prospects throughout the reporting interval . “Balticconnector” operation was renewed in April this yr.

Based on the data supplied by the corporate, within the reporting interval, storage service income and EBITDA considerably exceeded the symptoms of the corresponding interval of the earlier yr, thus masking the lower within the measurement of the transmission service. Within the reporting interval, EBITDA elevated 2.3 occasions in comparison with the results of the corresponding interval of 2023 and reached 23.4 million euros, whereas the revenue of “Conexus” was 18.3 million euros, which, in comparison with the interval of -corresponding to the earlier yr, elevated by 3.5 occasions.