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KN releases preliminary LNG revenue for December 2020

Published by , Editor
LNG Industry,

AB Klaipedos nafta (KN) has reviewed its LNG operating segments (regulated Klaipeda LNG terminal activity and commercial LNG activity – including the small scale LNG reloading station in Klaipeda and international business development projects) since the beginning of 2Q20 and presented the following revenue disclosures accordingly.

The preliminary sales revenue of KN’s Klaipeda LNG terminal for December 2020 comprised €3.6 million (€5.9 million was recorded during the same month of 2019). Klaipeda LNG terminal revenue from regulated activities consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of regasified LNG and reloading revenue. The level of Klaipeda LNG terminal revenue (for booked annual capacities) does not depend on regasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC) based on the approved methodology of state regulated prices in the natural gas sector and is calculated for the whole upcoming year. The preliminary sales revenue of Klaipeda LNG terminal for the twelve months of 2020 decreased by 38.8 % due to the reduction of the security supplement of the Klaipeda LNG terminal from the 1 January of 2020.

The preliminary sales revenue of the company’s commercial LNG activity for the December 2020 comprised €0.2 million. If compared to the respective period of 2019, the preliminary sales revenue is higher due increase in business development projects consultation and small scale LNG reloading station revenue. The preliminary sales revenue of the company’s commercial LNG activity for the twelve months of 2020 comprised €2.7 million.

Total preliminary sales revenue of the company for January to December 2020, factoring in the company’s oil terminal activity, amounted to €77.4 million – 25.6% lower than the same period of 2019 (€104.1 million).

Comment by the management of the company:

The significant factor, which has influenced the total company’s revenue result in January - December 2020, is the decreased revenue produced by the Klaipeda LNG terminal, following KN decisions, adopted in 2019, to optimise the infrastructure costs of the Klaipeda LNG terminal and reduce the LNG security supplement for consumers in Lithuania, starting from 2020. Due to the implementation of this decision, KN’s revenue for the twelve months period of 2020 is lower by €26.8 million.

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