The measures taken by the electricity transmission system operator AS Augstsprieguma tīkls (AST) in 2024 to ensure independence have been deemed sufficient, and the enterprise complies with certification requirements, stated the Public Utilities Commission (PUC), as reported by LETA.
According to the Electricity Market Law, AST submits an annual report on the compliance of the transmission system operator with certification requirements in the manner established by the Public Utilities Commission (PUC). After evaluating the report, the PUC may decide on the necessity of certifying the transmission system operator.
In June of this year, the PUC received a report from AST regarding compliance with certification requirements for 2024.
In accordance with the Electricity Market Law, a transmission system operator complies with certification requirements if it meets the legally established independence requirements, has the necessary personnel, technical and financial resources to fulfill the operator's duties, and has developed and adheres to a 10-year transmission system development plan.
The PUC concluded that AST has fulfilled the legally established requirements for ensuring the independence of the transmission system operator. It was also established that the holder of AST's capital shares does not own shares in companies engaged in the production, trading, and distribution of electricity. Furthermore, it was established that the same person does not simultaneously hold the position of a board member or council member in either AST or in companies engaged in the production, trading, and distribution of electricity.
The PUC decided to recognize that the measures taken by the transmission system operator AST in 2024 to ensure independence are sufficient. The PUC also acknowledged that AST meets the certification requirements.
The turnover of the AST group last year amounted to €258.607 million, which is an increase of 5.3% compared to 2023, while the group's profit increased 2.2 times to €22.672 million. At the same time, the turnover of the parent company AST decreased by 2.5% to €154.011 million, while profit increased by 31.6% to €14.764 million.
AST is the independent transmission system operator of electricity in Latvia. AST is state-owned. The company's bonds are listed on the Nasdaq Riga list of debt securities.
AST is the largest shareholder of the single transmission and storage system operator of natural gas Conexus Baltic Grid (Conexus) – the company owns 68.46% of the shares of Conexus.
