In it’s 2024 Management, Sustainability and Financial Performance Report, published today, Lithuanian gas transmission system operator Amber Grid has outlined it’s achievements, which reflect the company‘s growth and commitment to reliable gas transmission for its customers.
Last year, Amber Grid transported 55.3 terawatt hours (TWh) of gas through pipelines. 9.7 TWh of gas were transported to the Baltic countries and Finland through the Latvian interconnector, and 2.5 TWh - to Poland through GIPL gas interconnection. Gas demand in Lithuania grew last year - 17 TWh of gas were consumed during the year.
“Large volumes of natural gas transported through Lithuania and ensuring energy security in the region constitute the result of long-term and consistent work. Last year, despite infrastructure challenges such as the damaged Balticconnector gas pipeline or technical inspection of Klaipėda LNG terminal, we ensured a stable and interruption-free gas supply to consumers. Such challenges only confirm the importance of having a reliable and properly maintained infrastructure, especially on days when we have to deal with peaks in Lithuania's gas demand, which are twice as high as normal - as much as 120 GWh per day“, - said Nemunas Biknius, CEO of Amber Grid.
In 2024, Amber Grid placed particular emphasis on implementing sustainability principles and integrating renewable energy sources. Last year, two biogas producers were connected to the transmission system, and biomethane from two more biogas plants that are not connected to the grid is transported to the gas pipeline by tanks. In total, in 2024, almost 130 GWh of biomethane has been accepted into the grid. The company has issued guarantees of origin for all this volume.
While implementing the ambitious Nordic-Baltic Hydrogen Corridor (NBHC) project, in 2024, a pre-feasibility study was carried out and preparation of a joint feasibility study with partners in Finland, Estonia, Latvia, Poland and Germany was started. This will create an international hydrogen transmission corridor, contributing to the energy security of the region and Europe and industrial decarbonisation goals.
The audited financial statement of Amber Grid, that was published today on the Nasdaq Vilnius Stock Exchange, specifies that the company's consolidated revenue for the previous year 2024 amounted to 74.6 million euros. This represents a decrease of 8.3 percent compared to 2023 when the revenue amounted to 82.2 million euros. The slight decrease in the revenue was due to the overall lower volume of natural gas transported through the gas transmission system operated by Amber Grid.
The consolidated net profit of Amber Grid for 2024 amounted to 8.3 million euros and was 36% lower than in 2023. The decrease in profit last year was driven by revenue and depreciation costs. In 2024, EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to 26.5 million euros and was 0.2 million euros higher than in 2023. The adjusted EBITDA amounted to 27.4 million euros, compared to 24.7 million euros in the same period last year. The adjusted EBITDA reflects the results after assessing one-off adjustments to price regulation.
The financial results of Amber Grid include the results of the subsidiary - gas exchange GET Baltic. On 31 May 2023, Amber Grid sold a controlling stake in the gas exchange GET Baltic to EEX, and following this sale the company owns 34% of the share capital of GET Baltic. This investment in GET Baltic is accounted for as an investment in an associate.
