BAKU, Azerbaijan, September 28. Fluxys Belgium Group has announced a robust financial performance for the first half of 2023, Trend reports.
Operating revenue soared to €309.3 million, marking a substantial increase of €21.9 million compared to the same period in 2022 when it stood at €287.4 million.
Underpinning this revenue growth are the company's transmission, storage, and terminalling services, which are subject to the Gas Act. These services are designed to ensure an authorized return on capital investment and cover permitted depreciation and operating expenses, all while aligning with productivity enhancements mandated for the network operator. Accounting practices for these services remain consistent with those used at the end of 2022.
A significant portion of the revenue, €297.98 million (96.3 percent of the total), was derived from regulated activities, representing an impressive €19.97 million increase compared to the same period in 2022. The boost in transmission revenue is primarily attributed to substantial capacity sales and auction premiums, albeit partially offset by a higher regulatory liability charge. Similarly, storage revenue experienced growth, albeit tempered by an increased regulatory liability charge. Meanwhile, terminalling services saw a decrease in sales, largely due to lower 'spot' slot revenues in H1 2023 compared to the same period in 2022, offset by a reduced regulatory liability charge.
The upswing in operating expenses in H1 2023 compared to the previous year can be attributed to persistently high inflation rates, heightened activity levels, and increased energy prices. Fluxys Belgium Group also reported an uptick in sales and purchases of gas related to balancing operations and operational requirements, which, in line with the regulatory framework, have a neutral impact on the profit and loss statement. Furthermore, the ongoing energy transition has introduced additional costs.
Headquartered in Belgium, Fluxys is a fully independent energy infrastructure group boasting a workforce of 1,300 employees, engaged in gas transmission and storage, as well as liquefied natural gas terminalling. The company manages an extensive network of 12,000 km of gas transmission pipelines spanning Europe and Brazil.
Fluxys also oversees liquefied natural gas terminals in Belgium, France, Greece, and Chile, with a combined annual regasification capacity of 380 TWh. Additionally, it operates an underground gas storage facility for natural gas in Loenhout, Belgium."
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