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KN reports June 2020 LNG results

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LNG Industry,


AB Klaipedos nafta (KN) has reviewed its operating segments since the beginning of 2Q20 and has released revenue disclosures accordingly.

The disclosures included its LNG operating segments: regulated LNG activity in Klaipeda; and commercial LNG activity, including its small scale LNG reloading station in Klaipeda and business development projects.

The preliminary sales revenue of the KN’s LNG terminal for June 2020 comprised €3.6 million (during the same month of 2019 – €5.9 million).

LNG terminal revenue consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of regasified LNG and reloading revenue from regulated activities. 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 the LNG terminal for 1H20 decreased by 37.7% due to the reduction of security supplement for Klaipeda LNG terminal from 1 January of 2020.

The preliminary sales revenue of the company’s commercial LNG activity for June 2020 comprised €0.2 million. If compared to the respective period last year, this preliminary sales revenue is higher due to business development projects consultation revenue and an increase in small scale LNG station revenue. The preliminary sales revenue of the company’s commercial LNG activity for 1H20 comprised €1.4 million.

KN’s total preliminary sales revenue for the January - June 2020 period amounted to €38.0 million. This figure is 25.6% lower than the same period of 2019 (€51.1 million).

Comment by the KN’s company management:

“In June there still has been a lot of uncertainty, which has been influenced by COVID-19 impact on the economies, which also affects results of KN.

“The main factor, which influenced the total company‘s revenue result in January - June, 2020, was lower revenue of Klaipeda LNG terminal, following from the KN decisions, adopted in 2019, to optimise Klaipeda LNG terminal costs and reduce the cost of LNG terminal infrastructure for consumers, starting from 2020.”

Read the article online at: https://www.lngindustry.com/small-scale-lng/09072020/kn-reports-june-2020-lng-results/

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