Quantum Commodity Intelligence - Lithuanian gas transmission system operator (TSO) Amber Grid reported Tuesday a sharp rise in first-half earnings as it continued preparations for a future Nordic-Baltic hydrogen network and wider transition towards renewable gases.

Revenue rose 41% year on year to €49.4 million ($57m), while net profit increased almost 6.5-fold to €18.1m, Amber Grid said in its results statement.

Gas transmission volumes increased 29% to 21.3 TWh, driven partly by colder weather and higher industrial demand, while operating costs fell 16% to €26.4m.

Alongside its financial results, Amber Grid highlighted hydrogen infrastructure development as one of its strategic priorities under Lithuania's updated National Energy Independence Strategy.

The TSO is preparing for development of the Nordic-Baltic hydrogen network while also integrating biomethane and developing other green gas infrastructure.

Amber Grid said it was also seeking to strengthen international gas flows from the Klaipėda LNG terminal towards Central Europe and Ukraine while improving the resilience of critical infrastructure.

The Quantum View: Amber Grid's hydrogen plans are potentially substantial - the recent Nordic-Baltic Hydrogen Corridor (NBHC) market survey indicated potential annual demand of 79.2 TWh by 2040, equivalent to around 87% of the pipeline's theoretical capacity.

The latest results come as Amber Grid prepares its existing gas business for a longer-term shift towards renewable gases, although technical and commercial studies for the NBHC remain ongoing ahead of a targeted 2033 start.

Source:FuelCellsWorks.