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KN announces February 2020 revenue

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LNG Industry,

The preliminary sales revenue of AB Klaipedos nafta (KN)’s LNG terminals for February 2020 comprised €4.0 million (February 2019 – €5.6 million).

LNG terminals’ revenue consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of regasified LNG, reloading revenue from regulated activities and other consultations. The level of Klaipeda’s 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 LNG terminals for the first two months of 2020 decreased by 31.7% due to the reduction of the security supplement for Klaipeda LNG terminal by 42% from 1 January 2020.

Total preliminary sales revenue of the Company for January – February 2020 amounted to €12.6 million. This is a decline of 30.8% compared to the same period in 2019 (€18.2 million).

Management comment

“In 2019 KN implemented all the necessary steps to optimise Klaipeda LNG terminal costs, thereby reducing the cost of LNG terminal infrastructure for consumers starting from 2020 annually. This decision is reflected in the revenue of Klaipeda LNG terminal in January – February of 2020, despite the continuous high levels of LNG regasification.”

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