28.11.2025. 

Latvia’s transmission system operator AS Augstsprieguma tīkls (AST) invested EUR 149,66 million in the development of the national electricity transmission network during the first nine months of 2025, strengthening security of supply and the availability of transmission services. Of this, EUR 89,50 million — with significant co-funding from the European Union — was invested in projects related to the Baltic energy system synchronisation with Europe, EUR 11,94 million in the reconstruction and refurbishment of substations and transmission lines, and EUR 33,20 million in the development of new grid connections for solar and wind power plants, financed by project developers.

“In the first nine months of this year, we have implemented major measures related to energy independence and security — completed the synchronisation of the Baltic power system with continental Europe, finalised all synchronisation-related infrastructure projects, strengthened cybersecurity, and commissioned four new connections to the transmission system for the first high-capacity solar power plants. These projects have already increased Latvia’s renewable generation capacity by around 400 MW this year. We also have ambitious plans for the coming years and will continue to actively attract EU funding while ensuring high-quality transmission services at the lowest possible tariffs. During the reporting period, we prepared the tariff proposal for the next three years. We have ensured tariff competitiveness within the Baltics and long-term stability. Tariffs developed according to the methodology of the Public Utilities Commission will enter into force on 1 January 2026,” said Rolands Irklis, Chairman of the Management Board of AST.

AST’s nine-month profit decreased from EUR 13,03 million in 2024 to EUR 10,74 million in 2025, with the 2025 profit consisting primarily of dividends received from its subsidiary Conexus Baltic Grid in the amount of EUR 10,62 million. With an increase in congestion-management revenues* allocated to cover transmission service costs and higher balancing electricity revenues, AST’s net turnover for the reporting period reached EUR 200,59 million, including EUR 69,53 million in revenues from transmission network services. Electricity transmitted to Latvian users amounted to 4,371 GWh.

Until the end of 2025, the Public Utilities Commission has authorised AST to use accumulated congestion-management revenues to cover transmission system costs in the total amount of EUR 62,1 million. In the first nine months of 2025, AST used and recognised in revenue EUR 45,45 million for covering transmission service costs, including balancing capacity.

Over the last several years, AST has signed 29 connection agreements for new connections or modifications to existing technical parameters. New power plants with a total capacity exceeding 2,000 MW are currently under construction. The reporting period marks the historically largest volume of high-voltage substation construction—four new substations have been commissioned for the integration of solar and wind power plants. Over the next two years, more than 20 new substations are planned for renewable energy projects.

In 2025, AST continued work on new interconnections with neighbouring transmission systems. During the reporting period, the environmental impact assessment for the new 330 kV transmission line Ventspils–Brocēni–Varduva progressed, and preparatory studies began for the construction of the 4th Latvia–Estonia interconnection as a subsea cable.

To support the development of renewable generation and foster broader competition—both geographically and through new service models — European transmission system operators, including AST, together with power exchanges, have been improving the electricity market design for several years. One key change is the transition from 60-minute to 15-minute trading intervals in power exchanges and balancing markets. A major milestone was reached on 30 September 2025, when the day-ahead market across Europe moved to 15-minute trading periods, with the first delivery day on 1 October. This change enables Baltic TSOs to plan and procure balancing reserves more accurately and reserve cross-border capacities needed for system balancing. For balancing-capacity market participants — especially those with renewable or highly flexible portfolios — it offers the opportunity to provide capacity for shorter periods and plan delivery obligations more precisely.

Conexus Baltic Grid’s natural gas transmission segment revenues in the reporting period amounted to EUR 32,08 million, with profit before corporate income tax of EUR 2,36 million. Lower booked transmission capacity and reduced natural gas consumption in Latvia affected both revenues and profits in the first nine months of 2025. The natural gas storage segment generated revenues of EUR 33,26 million and profit before tax of EUR 19,08 million; lower storage-capacity bookings reduced both revenues and earnings.

The AST Group’s consolidated net turnover for the first nine months of 2025 was EUR 265,93 million, while net profit decreased from EUR 38,43 million in the corresponding period of 2024 to EUR 17,68 million in 2025. The AST Group consists of the parent company AST and its subsidiary Conexus Baltic Grid, of which AST holds 68.46% of shares. The Group’s core activities include transmission system operation, efficient asset management, natural gas transmission, and storage.

The full financial statements are available on AST’s website: https://www.ast.lv/en/content/financial-statements. 

*Congestion management revenues are generated from the price difference of electricity in the exchange between electricity trading areas and from the auction of Financial Transmission Rights (option) for cross-border connection capacity.

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 JSC “Conexus Baltic Grid”.

For further information, please contact:

Līva Jēgere,

Head of Communications,

Phone: +371 26151344.

E-mail: liva.jegere@ast.lv