On 21 July 2020, AS “Augstsprieguma tīkls”, in fulfilling the task assigned by the Cabinet of Ministers, has concluded a transaction with PAS “Gazprom” for the acquisition of a 34.10% of shares in AS “Conexus Baltic Grid”, thereby increasing control in the company to 68.46%.
This deal ensures full national control over the gas transmission and storage system in the country, promoting the strengthening of the state’s energy security and promoting the further development of the gas system in line with the identified energy policy objectives.
In line with the changes made to the shareholder structure, further management of AS “Conexus Baltic Grid” will be ensured by AS “Augstsprieguma tīkls” together with “MM Infrastructure Investments Europe Limited”, which owns 29.06% and other shareholders who together own 2.48%.
AS “Conexus Baltic Grid” is the single natural gas transmission and storage operator in Latvia, which is responsible for the safe and continuous operation of the natural gas transmission system and for ensuring regional gas flows in the regional gas market established since 1 January 2020, which unites Latvia, Estonia and Finland. In addition, AS “Conexus Baltic Grid” also administers and manages the Inčukalns underground gas storage, which is the only storage facility of this kind in the region and is an essential element of energy security.