29.11.2024. 
Latvia’s transmission system operator, JSC Augstsprieguma tīkls (AST), invested 99,99 million EUR in electricity transmission development and security during the first nine months of 2024. The majority—58,68 million EUR—was allocated to the synchronisation project with the European electricity transmission network, while the remainder supported the reconstruction and renovation of substations, transmission lines, and other infrastructure.
AST reported a net turnover of 112,4 million EUR during the reporting period, including 69,51 million EUR from electricity transmission network services. The company’s profit reached 13,04 million EUR, largely due to dividends of 8,17 million EUR received from its subsidiary "Conexus Baltic Grid" (Conexus) for the 2023 financial year, as noted in AST’s consolidated report. The net turnover decreased by 2,84 million EUR, or 2%, compared to the same period in 2023, primarily due to a reduction in congestion revenue by 7,46 million EUR. However, revenue from transmission services increased by 8,76 million EUR following adjustments to electricity transmission tariffs effective July 1, 2023, enabling AST to cover its operational costs.
Profit during the reporting period was also positively influenced by the use of congestion revenue, amounting to 3,46 million EUR, to offset transmission service costs. This follows a decision by the Public Utilities Commission on May 22, 2023, allowing AST to utilize up to 62,07 million EUR of accumulated congestion revenue for cost coverage until the end of 2025.
The AST Group, comprising AST and Conexus, reported a consolidated net turnover of 182,92 million EUR and a profit of 38,43 million EUR (excluding dividends received from Conexus). The natural gas transmission segment generated 25,02 million EUR in revenue and achieved 6,1 million EUR in profit, while the natural gas storage segment reported revenue of 45,86 million EUR and profit of 30,44 million EUR during the reporting period.
AST continued preparations for synchronising Latvia’s electricity system with Europe’s networks (Continental Europe Synchronous Area – CESA), aiming to disconnect from the Russian-controlled system in February 2025. The synchronisation project is now in its final phase, with all 330 kV network reinforcements in Latvia completed. This includes the reconstruction of two Latvia-Estonia interconnections, highlighted by the completion of the Valmiera-Tsirguliina transmission line this summer. To enhance system security, two synchronous condensers were installed in Grobiņa and Ventspils during the reporting period, with their integration into the grid planned in the coming months. A third compensator is scheduled for installation in Līksna at the beginning of 2025. Preparations are also underway for constructing high-capacity battery energy storage systems.

AST is further developing a management system to improve frequency control and balancing after synchronisation with CESA. In July, the Baltic transmission system operators notified Russian and Belarusian transmission system operators of their decision not to extend the BRELL agreement, which governs the operation of Baltic power systems in the Russian-controlled IPS/UPS network. The agreement will expire on February 7, 2025.
Synchronisation with CESA will allow for independent, stable and reliable frequency control of the Baltic states electricity grids and will increase energy security in the region. Synchronisation will also enhance the interconnectivity and market integration of the EU transmission systems, allowing the Baltic electricity systems to operate under unified and transparent European rules, benefiting all consumers.  Furthermore, it will foster the development of renewable energy in the Baltic states and Poland, as newly installed power lines, substations and synchronous condensers will increase the ability of transmission grids to support a larger share of renewable sources in overall electricity generation. The synchronisation project is co-financed by the European Union, with EU funding in Latvia exceeding 300 million EUR.
The full reports are available on AST’s website: https://www.ast.lv/en/content/financial-statements. 

About JSC "Augstsprieguma tīkls"
AST, the Latvian electrical power transmission system operator, ensures uninterrupted and secure transmission of electricity throughout Latvia. Its vision is to become the leading transmission system operator in the region through the efficient and successful implementation of development-oriented changes. AST has 68.46% shareholding in the capital of the operator of the natural gas transmission and storage system AS “Conexus Baltic Grid”.

Further information:
Līva Jēgere
Head of Communications
Ph: +371 26151344
Email: liva.jegere@ast.lv