28.02.2025

Latvia’s transmission system operator, AS Augstsprieguma tīkls (AST), invested EUR 162.24 million in electricity transmission development and security in 2024. According to the AST Group's annual report for 2024, the majority—EUR 97.48 million —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.

"In terms of investments, the past year, spent preparing Latvia's electricity transmission system to operate in synchronous mode with Europe's electricity grid, has been one of the productive in the history of AST, thanks to the funding secured for European funds. I am delighted that the AST team succeeded in executing all the projects in accordance with the timetable set in advance, as a result of which synchronisation was successful and the Baltics are now operating on the same frequency as Europe ", explains AST Chairman of the Board Rolands Irklis.

AST reported a net turnover of EUR 154.01 million during the reporting period, including EUR 93.66 million from electricity transmission network services. The company’s profits reached EUR 14.76 million, partly due to dividends of EUR 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 EUR 4 million, or 2.5%, compared to the same period in 2023, primarily due to a reduction in congestion revenue of EUR 5.17 million. However, revenue from transmission services increased by EUR 8.1 million following adjustments to electricity transmission tariffs effective July 1, 2023, enabling AST to cover its operational costs.

Profits during the reporting period were also positively influenced by the use of congestion revenue, amounting to EUR 4.49 million, to offset transmission service costs. This follows a decision by the Public Utilities Commission on May 22, 2023, allowing AST to use up to EUR 62.07 million 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 EUR 248.78 million and a profit of EUR 32.46 million (excluding dividends received from Conexus). The natural gas transmission segment generated EUR 35.54 million in revenue and generated EUR 6.79 million in profits, while the natural gas storage segment reported revenue of EUR 60.23 million and profits of EUR 32.71 million during the reporting period.

During the reporting period, AST continued preparations for synchronising Latvia’s transmission system with Europe’s electricity grids, which was successfully accomplished on February 9, 2025, almost a year earlier than originally planned. The synchronisation project was implemented with co-financing from the European Union, which exceeded EUR 300 million in Latvia. In 2024, reinforcement work on the 330 kV network was completed, marked by the opening of the rebuilt Valmiera-Tsirguliina transmission line, while three synchronous condensers were installed in Grobiņa, Ventspils and Līksna to ensure the dependability of the energy system, which will be connected to the grid this year in accordance with the set timetable. Likewise, in 2024 construction of high-capacity battery energy storage systems began in Rēzekne and Tūme. All the equipment for the construction of the battery system has now been delivered to Latvia, and according to the previously approved timetable, the batteries will enter service in October 2025. Construction of the battery system will facilitate a reduction in balancing power maintenance costs of approximately EUR 20 million a year. Concurrently, in 2024 AST worked on upgrading the grid management system, which improved the frequency control and balancing process after synchronisation with the energy system of continental Europe.

You can study the reports on the AST homepage: https://www.ast.lv/en/content/financial-statements#UCFS

About AS Augstsprieguma tīkls

AST is Latvia's power transmission system operator, which ensures continuous, secure and sustainably efficient power transmission throughout Latvia. Its vision is to become the region's leading transmission system operator, which implements development-oriented changes efficiently and successfully. AST owns 68.46% of shares in the natural gas transmission and storage system operator AS Conexus Baltic Grid.

For further information, please contact:

Līva Jēgere,

Head of Communications,

Phone: +371 26151344.

E-mail: liva.jegere@ast.lv