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KN releases June 2019 results

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LNG Industry,

AB Klaipedos Nafta has released its preliminary activity and revenue results for June 2019.

In June 2019, the company’s LNG terminals regasified and reloaded 2430 thousand MWh of natural gas. During the first six months of 2019 the company regasified and reloaded a total of 6.4 million MWh of natural gas.

The preliminary sales revenue of the company’s LNG terminals for June 2019 comprised €5.8 million, however compensating positive influence in regulated activity from currency exchange rate change that was accounted in financial activity result, preliminary sales revenue was adjusted accordingly and reduced to €0.5 million.

Revenue consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of regasified LNG and LNG reloading revenue. Sales revenue is adjusted by the impact of currency exchange rate change in regulated activity, as the company is not actually incurring the impact.

The preliminary revenue of the LNG terminals for the first six months of 2019 comprised €35.6 million, prior to adjustment according to the impact of currency exchange rate change in regulated activity. Post-adjustment the revenue had increased to €37.4 million, while in the same period of 2018 it was €32.6 million. The LNG terminal revenue level (for booked annual capacities) does not depend on regasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC (NCECP before 1 July)) based on the approved methodology of state regulated prices in the natural gas sector and is calculated for the whole upcoming year.

Despite the external factors, total preliminary sales revenue of the company in January – June 2019 amounted to €53.0 million; an increase of 0.4% compared to the same period of 2018 (€52.8 million).

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