Although in 2022 the operator of the Latvian transmission system "Augstsprieguma tīkls" (AST) faced problems, challenges and losses due to the rapid increase in electricity price, the operator has closed the year with a positive profit indicator. After the approval of the annual report, the shareholder - Ministry of Climate and Energy, will decide on the distribution of AST's profit. At least 64% of the profit will be credited to the state budget. Based on the decision of the Public Utilities Commission (PUC), operating losses were covered by the accumulated congestion fee revenues.

The profit before taxes of the natural gas transmission segment of the AST concern was 2.6 million EUR and profit before taxes of the natural gas storage segment – 11.2 million EUR.

AST's 2022 losses from electricity transmission reached 32.1 million EUR. Current electricity transmission service tariff, which was approved in November 2020, did not cover the significant increase in the price of electricity and rising costs. The accumulated congestion fee revenues – 36.5 million EUR, according to the permission given by PUC, was directed to cover occured losses.

Compared to 2021, AST's total revenue increased by 135% in 2022. This is mainly related to revenues from balancing energy as well as congestion charge revenues. Despite the changes in electricity prices, there were no significant fluctuations in the NordPool exchange in 2022.

In 2022, AST users in Latvia transmitted electricity in the amount of 6,193 gigawatt hours (GWh), which is 1% less than the previous year (6,312 GWh).

You can familiarize yourself with the reports on the AST website https://www.ast.lv/en/content/financial-statements in the Interim financial reports section.".

About JSC "Augstsprieguma tīkls"

AST is the operator of the Latvian electricity transmission system, which ensures continuous, safe and sustainable efficient energy transmission throughout Latvia. Its vision is to become the region's leading transmission system operator that immediately and successfully implements development-oriented changes. AST owns 68.46% of the capital of JSC Conexus Baltic Grid, the operator of the natural gas transmission and storage system.

More information:

Elina Grivane

Head of Communications

Tel. +371 27060306

E-mail: elina.grivane@ast.lv