What Conexus Baltic Grid does

Conexus Baltic Grid (AS "Conexus Baltic Grid") is the unified natural gas transmission and storage system operator in Latvia, certified by the Public Utilities Commission (SPRK) in October 2018 as an independent transmission system operator under the EU Third Energy Package unbundling rules. The company manages a 1,190 km main gas pipeline network with 40 gas regulation stations and owns the Inčukalns Underground Gas Storage (UGS), the only underground gas storage in the Baltic states, which underwent a seven-year €98.8 million modernisation completed in May 2026 (€44 million co-financed by the EU Connecting Europe Facility). Post-modernisation, Inčukalns UGS has injection capacity of 21 million m³/day (up from ~17 million m³/day) and withdrawal capacity up to 12 million m³/day, with technical capacity of approximately 24.4 TWh for the 2026/2027 storage cycle.

The company operates three tightly coupled core offerings: (1) the regulated Natural Gas Transmission Service over the Latvian pipeline network, including the modernised GMS Korneti international metering station on the Latvia-Estonia border; (2) the Inčukalns UGS storage service (bundled, interruptible, and short-term products allocated through auctions and bilateral contracting); and (3) the Common Natural Gas Market platform, a single entry/exit tariff zone launched on 1 January 2020 with Elering (Estonia) and Gasgrid Finland, supported by the Inter-TSO Compensation (ITC) Agreement and EDIG@S/AS4 data exchange. Revenue is generated almost entirely through SPRK-regulated tariffs: a €94.77 million FY2024 turnover (+24% YoY) produced €67.7 million EBITDA (+34% YoY) and €38.4 million net profit (2.4x YoY), with new tariff submission for 2026-2031 raising the capital return rate from 2.72% to 5.82%.

The customer base consists of certified natural gas traders contracting for transmission and storage capacity, regional TSOs and LNG terminal operators (Elering, Gasgrid Finland, Amber Grid, AB KN Energies) coordinating cross-border capacity, biomethane producers injecting renewable gas through new feed-in points (Džūkste operational since July 2025, Rēzekne in procurement), and indirect Latvian end-users via distribution operators. Beyond regulated gas operations, Conexus is positioned as a hydrogen infrastructure co-developer through the Nordic-Baltic Hydrogen Corridor (PCI status April 2024, €6.8M CEF feasibility grant January 2025) and operates the Latvian Gas Guarantee of Origin Registry as an approved AIB Gas Scheme Group member since December 2023.

Name

Conexus Baltic Grid

Legal name

AS "Conexus Baltic Grid"

Website

https://conexus.lv

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

Conexus Baltic Grid is the unified, regulated natural gas transmission and storage system operator in Latvia, operating a 1,190 km pipeline network and the Inčukalns Underground Gas Storage (the only UGS in the Baltic states), serving certified gas traders, regional TSOs, and Latvian end-users via SPRK-set tariffs.

Ownership category

akta.pro rank

Product category

Natural Gas Transmission and Storage Services

NAICS

Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Natural Gas (486210)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922), Natural Gas Distribution (4924)

akta.pro primary industry

Natural Gas Pipeline Transportation (EUALADAB)

akta.pro secondary industries

Valve, Fitting & Appurtenance Maintenance (Isolation Valves, Drips, Odorization Points) (EUAJAMAE), Distribution System Engineering & Design (Mains/Services/Stations) (EUAJAEAB), Network Construction, Replacement & Uprates (Capex Programs) (EUAJABAL)

Keywords

• Natural gas transmission
• Underground gas storage
• Gas transmission system operator
• Natural gas storage services
• Energy infrastructure services

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Others

Revenue model

1. Natural Gas Transmission Tariffs: Regulated tariffs set by the Public Utilities Commission for the use of the natural gas transmission system, including exit point fees for supplying Latvian users (0.003432 EUR/kWh in first tariff period, increasing 7.1% over prior) and capacity-based annual fees (0.003432 EUR/kWh/hour reference price). Short-term capacity products carry multipliers: 1.1 quarterly, 1.25 monthly, 1.5 daily, 1.7 within-day.
2. Natural Gas Storage Tariffs: Regulated fees for storage of natural gas at the Inčukalns Underground Gas Storage facility, including bundled capacity products, interruptible capacity products, and short-term products allocated through auctions. Storage service has historically driven significant revenue growth (e.g., €29.7M in Q1 2024, nearly 2x prior year period).
3. Capacity Auctions: Revenue from auctions of storage and transmission capacity at the Inčukalns UGS and on the Baltic-Finnish gas transmission network, including bundled products and short-term products.
4. Biomethane Injection Tariffs: Tariffs for biomethane injection into the transmission system at biomethane feed-in points (e.g., Džūkste), with a reference price of 0.000395 EUR/kWh/hour.
5. Guarantees of Origin Registry Fees: Fees for issuing and managing guarantees of origin for gas (including biomethane) in the Latvian Gas Guarantee of Origin Register, connected to the AIB Gas Scheme Group and EECS standards.
6. Solidarity Storage Service: Regulated solidarity-based gas storage service offered as part of EU energy security mechanisms.
7. REMIT Reporting Service: Fees for REMIT (EU Regulation on Wholesale Energy Market Integrity and Transparency) reporting services provided to system users.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Conexus Baltic Grid operates the unified natural gas transmission and storage system in Latvia. It manages a 1,190 km main gas pipeline network with 40 gas regulation stations and owns the Inčukalns Underground Gas Storage (UGS), the only underground gas storage in the Baltic states. The company provides regulated transmission, storage, balancing, capacity allocation, biomethane injection, and ancillary services (such as REMIT reporting, EIC code issuance, and guarantees of origin) to certified gas traders and system users, and participates in the integrated Baltic-Finnish common natural gas market with Estonia and Finland.

Product overview

Conexus Baltic Grid operates a single, unified natural-gas transmission-and-storage system for Latvia centred on three tightly coupled offerings: (1) the regulated Natural Gas Transmission Service over the 1,190 km Latvian main pipeline network; (2) the Inčukalns Underground Gas Storage (UGS) Service, the only underground storage in the Baltic states; and (3) the Common Natural Gas Market Platform, a single entry/exit tariff zone jointly run with Elering (Estonia) and Gasgrid (Finland) since January 2020. The transmission and storage cores are extended by a portfolio of add-on modules including the REMIT Reporting Service, Solidarity Storage Service, EIC LIO code-issuing office, Capacity Product Booking & Nominations, Balancing Services, biomethane injection points (Džūkste operational and Rēzekne under procurement), and an EECS-compliant Gas Guarantees of Origin Registry linked to the AIB hub.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Transmission Service Regulated transmission service over Conexus's 1,190 km Latvian main gas pipeline network and 40 gas regulation stations, including the Korneti cross-border metering station; provides certified gas traders with capacity booking, implicit capacity allocation, nominations, balancing and standard-condition gas quality services.
• Inčukalns Underground Gas Storage (UGS) Service Underground natural gas storage and injection/withdrawal services at the only underground gas storage in the Baltic states; modernised to 21 million m³/day injection and up to 12 million m³/day withdrawal, with technical capacity of approximately 24.4 TWh for the 2026/2027 cycle; offers seasonal, short-term, bundled, and interruptible storage products via auction and bilateral contracting.
• Common Natural Gas Market Platform (Estonia-Latvia-Finland) Single-entry/exit tariff zone platform operated jointly by Elering (Estonia), Conexus (Latvia), and Gasgrid Finland since 1 January 2020; provides common tariffs, single invoicing rules, EDIG@S/AS4 data exchange, and a unified online trading interface backed by the Inter-TSO Compensation (ITC) Agreement.
• REMIT Reporting Service Regulatory reporting service that submits REMIT (EU Regulation on Energy Market Integrity and Transparency) messages on behalf of system users trading at Latvian gas points.
• Solidarity Storage Service EU solidarity-based natural gas storage service providing contracted storage capacity for participating Member States' emergency supply under Regulation (EU) 2017/1938.
• EIC LIO Service Energy Identification Code (EIC) Local Issuing Office service that issues and manages EIC codes for Latvian gas market participants on behalf of the ENTSO EIC scheme.
• Biomethane Injection Points (Džūkste & Rēzekne) Automated grid-connected biomethane feed-in facilities providing pressure relief, preheating, pipeline injection, metering, and gas-quality control; Džūkste (capacity up to 2,500 m³/h, operational from summer 2025) and the planned Rēzekne site extend the renewable-gas entry network.
• Gas Guarantees of Origin Registry Conexus-operated electronic registry, built by Grexel Systems Oy, for issuing, transferring, and tracking EECS-compliant guarantees of origin for renewable and decarbonised gases; connected to the AIB hub for cross-border circulation.
• Capacity Product Booking & Nominations Reservation, allocation, and nomination platform for entry, exit, and interconnection capacity products on the Latvian transmission system, with reference prices and short-term multipliers for quarterly, monthly, daily, and within-day products.
• Balancing Services Within-day and day-ahead balancing of system users' positions, including imbalance settlement via the neutrality charge, balancing prices, marginal-buy/sell-price (MBP/MSP) incentive factors, and defined procedures for preventing negative imbalance.

Quantifiable outcome

• Injection capacity increased from ~17 million m³/day to 21 million m³/day at Inčukalns UGS after modernization
• +7 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

17 partnerships are on record, tiered core, flagship and minor.

• Solar Turbines (USA)coreTechnology or Integration · 18 December 2024Supplier of the Solar Turbines Titan 130 gas compression unit with two centrifugal compressors, installed at Inčukalns UGS Compressor Station No. 1 as part of the modernization project, increasing natural gas pumping capacity.
• Intra-GT SIAcoreImplementation/ SI/ Consulting Partner · 4 December 2024Contractor for the design and construction of the biomethane injection point in Džūkste (Tukums municipality), with capacity up to 2,500 m³/h; total project financing with EU funds exceeds €1.5 million.
• Baltic Sea Region TSOs (Energinet, Nordion Energi, GASCADE Gastransport)coreStrategic or Co-development Partner · 17 June 2024Signatory to a Memorandum of Understanding (June 2024) with nine Baltic Sea gas TSOs (Polish GAZ-SYSTEM, Estonian Elering, Danish Energinet, Finnish Gasgrid Vetyverkot, Lithuanian Amber Grid, Swedish Nordion Energi, German GASCADE Gastransport, German ONTRAS, and Latvian Conexus) to coordinate and facilitate hydrogen infrastructure and market development in the Baltic Sea region.
• GAZ-SYSTEM (Poland)coreStrategic or Co-development Partner · 16 December 2022Co-signatory on the cooperation agreement for the Nordic-Baltic Hydrogen Corridor (signed December 2022), a joint project to develop cross-border hydrogen infrastructure from Finland through the Baltic states and Poland to Germany.
• ONTRAS Gastransport (Germany)coreStrategic or Co-development Partner · 16 December 2022Co-signatory on the cooperation agreement for the Nordic-Baltic Hydrogen Corridor; participates in feasibility studies as the German TSO partner connecting the corridor to Central Europe.
• Elering AS (Estonia)flagshipStrategic or Co-development Partner · 1 January 2020Partner TSO in the common Baltic-Finnish natural gas market since 1 January 2020. Joint cross-border capacity allocation, balancing coordination, and shared entry/exit tariff zone between Estonia and Latvia. Co-signatory on the ITC (Inter-TSO Compensation Mechanism) agreement.
• Gasgrid Finland OyflagshipStrategic or Co-development Partner · 1 January 2020Partner TSO in the common natural gas market since 1 January 2020, with joint balancing rules and unified entry tariffs. Co-developer of the Nordic-Baltic Hydrogen Corridor (NBHC).
• NATO Energy Safety Excellence CentreminorStrategic or Co-development Partner · 25 March 2019Organized training with Conexus to strengthen regional energy security and operational preparedness (March 2019).
• Public Utilities Commission (SPRK)flagshipOthers · 1 October 2018Latvian national regulator that certifies Conexus Baltic Grid as independent natural gas transmission operator (since October 2018) and approves regulated transmission and storage tariffs for each five-year regulatory period.
• AB Amber Grid (Lithuania)coreStrategic or Co-development PartnerLithuanian TSO. Joint author of the Consolidated Maintenance Works Plan for the Baltic-Finnish Region, partner on the ELLI Latvia-Lithuania interconnection enhancement project, and co-developer of the Nordic-Baltic Hydrogen Corridor.
• AB KN EnergiesminorStrategic or Co-development PartnerLNG terminal operator participating in the Consolidated Maintenance Works Plan for the Baltic-Finnish region (2027 cycle).
• Floating LNG Terminal Finland OyminorStrategic or Co-development PartnerFinnish LNG terminal operator participating in the Consolidated Maintenance Works Plan for the Baltic-Finnish region (2027 cycle).
• GF Birojs Ltd.minorImplementation/ SI/ Consulting PartnerConstruction supervision provider for the biomethane injection point project in Džūkste.
• Kiwa Latvia ASminorImplementation/ SI/ Consulting PartnerProvides construction design expertise for the biomethane injection point in Džūkste.
• Grexel Systems OycoreTechnology or IntegrationFinnish technology vendor that developed the Latvian Gas Guarantee of Origin Register system in accordance with Conexus and EECS requirements, enabling AIB-compliant biomethane guarantees of origin.
• Pedersen & PartnersminorImplementation/ SI/ Consulting PartnerExecutive search firm engaged as consultant for the open competition to fill the Chief Technical Officer position on Conexus' Management Board (concluded December 2023 with the election of Rinalds Dimiņš).
• Olimps Ltd.minorImplementation/ SI/ Consulting PartnerConstruction contractor for the installation of the new gas compression unit at Inčukalns UGS Compressor Station No. 1 (Titan 130 unit).

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Regional players

• GAZ-SYSTEM: Polish gas transmission system operator and co-signatory of the NBHC cooperation agreement. Comparable as a large regional TSO with extensive cross-border pipeline infrastructure and hydrogen-transition ambitions, but serving a much larger national market than Conexus.
• ONTRAS Gastransport: German gas TSO participating in the Nordic-Baltic Hydrogen Corridor as the German endpoint. Comparable as a regulated transmission operator with underground storage and hydrogen-transition strategy, but operating primarily in central Germany rather than the Baltic region.

Broad incumbents

• Snam: Italian gas TSO with one of the largest gas storage portfolios in Europe. Comparable as a regulated, large-scale European TSO with parallel hydrogen-transition ambitions (Snam Hydrogen), though operating at substantially larger scale and in a different geography.
• Storengy: Engie subsidiary and one of Europe's largest underground gas storage operators. Comparable as a UGS specialist with regulated and merchant storage, but operating across multiple European jurisdictions rather than a single national system like Conexus.
• Eustream: Slovak gas TSO operating a large cross-border transmission network and significant UGS capacity. Comparable as a regulated European TSO with similar tariff regulation and storage operations, though in a different geography with different supply-demand dynamics.
• Enagás: Spanish gas TSO and LNG terminal operator with significant UGS assets and a stated hydrogen strategy. Comparable as a regulated European TSO with a parallel hydrogen transition roadmap, though operating in a different national and regulatory context.
• Fluxys: Belgian gas TSO and storage operator with substantial European cross-border pipeline and LNG terminal interests. Directly comparable business model across transmission, storage and LNG regasification under EU-style regulation, but at materially larger scale and broader geographic footprint.

Direct peers

• Amber Grid: Lithuanian gas transmission system operator and partner in the Baltic-Finnish region. Co-developer of the Nordic-Baltic Hydrogen Corridor and joint author of the Consolidated Maintenance Works Plan, with a directly comparable regulated TSO business model focused on the Lithuanian market.
• Elering: Estonian transmission system operator and Conexus's partner in the common Baltic-Finnish gas market since 1 January 2020. Operates the Estonian gas transmission network and is a co-developer of the Nordic-Baltic Hydrogen Corridor, making it the closest direct functional peer in product, customer base and regulatory model.
• Gasgrid Finland: Finnish gas TSO and LNG infrastructure operator, third partner in the common Baltic-Finnish gas market platform with Conexus and Elering. Operates the floating LNG terminal and is jointly developing the hydrogen corridor, sharing the same regulatory framework, EDIG@S/AS4 standards and customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/conexus-baltic-grid

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Conexus Baltic Grid