Fluxys Belgium significantly boosts investments

Energy Materials 29 September 2022 11:29
Baku, Azerbaijan Trend News Agency
Fluxys Belgium significantly boosts investments

The Fluxys Belgium Group generated turnover of € 287.4 million in the first half of 2022, an increase of € 9.5 million compared with the same period in 2021 (€ 277.9 million), Trend reports with reference to the company.

“Net profit rose from € 38.3 million to € 41.1 million. The change in regulated turnover and net profit is mainly due to the evolution of the different components to be covered by the regulated tariffs. This evolution is in line with the tariff proposal and complies with the tariff methodology for 2020-2023,” Fluxys Belgium said in its latest report.

The company says that in the first half of 2022, investments in property, plant and equipment amounted to € 35.2 million, compared with € 15.8 million in the first half of 2021. € 19.3 million of these investments went to LNG infrastructure projects and € 15.9 million to transmission projects.

“Under the 2020-2023 tariff methodology, net profits from Belgian regulated activities are determined based on various regulatory parameters, including equity invested and financial structure, as well as additional permitted return if we achieve certain targets for cost savings and/or emission reductions.

In light of the current understanding of the situation, the essential nature of the company's activities and its regulatory framework, at present we do not anticipate any significant changes to the consolidated result of the Fluxys Belgium group in 2022. The group's activities are regulated and the increased volumes handled in our infrastructure do not bring additional profit to shareholders,” said Fluxys Belgium.