Conexus posts €38.6 million turnover in first half, profit down 30%
Latvian gas system operator Conexus reported €38.6 million in turnover for the first half of the year, while net profit fell to €11.5 million. Both transported and consumed gas volumes rose, though storage levels at Inčukalns are lower than last year.
AS Conexus Latvijas gāze maintained uninterrupted natural gas supply to Latvian consumers in the first half of this year, while also providing transmission and storage services for Lithuania, Estonia and Finland. The company's turnover for the period reached €38.6 million, while net profit stood at €11.5 million, down 30% compared to the same period last year.
Higher gas flows across the region
The Inčukalns underground gas storage facility delivered 7.2 TWh of natural gas during the half-year. Gas received from Lithuania totaled 8.6 TWh, up 72% year-on-year, while volume received from Finland reached 1.5 TWh — twice as much as in the same period last year. Total gas transported within Latvia reached 17.5 TWh, a 26% increase compared to a year earlier. Gas consumption by Latvian users also grew by 26%, reaching 6.1 TWh.
Storage fill lower than last year
At the end of the reporting period, Inčukalns held 9.3 TWh of stored gas, 17% less than at the same point last year. Cold weather in January and February prompted withdrawal of 7 TWh from storage, with injection resuming in March. The company notes the facility has increased its capacity and flexibility, operating in a variable mode that allows both injection and withdrawal. For the 2026/2027 storage cycle, the maximum storage volume has been set at 24.4 TWh.
Strong demand for capacity products
In the first six months, demand for the five-year bundled capacity product was twice the volume offered at auction, with 1.6 TWh of capacity reserved. For the 2026/2027 cycle, a total of 9 TWh has been reserved under this product at an effective tariff of €2.06/MWh per storage cycle. Several other bundled capacity auctions resulted in 3.1 TWh reserved at an effective tariff of €2.13/MWh per storage cycle.
