Czech state-owned Gas Storage CZ increased net profit by 28 percent last year to CZK 3.6 billion

Natural gas storage operator Gas Storage CZ increased its net profit to CZK 3.6 billion last year, around 28 percent higher year on year. The company's revenue rose by nearly 14 percent to CZK 2.84 billion. This is according to the company's annual report for 2024. Gas Storage CZ has been state-owned since 2023.

"From a financial perspective, the past year was once again very successful, and we achieved excellent results. This was due above all to fully utilized storage capacity, the sale of additional capacity and cost savings. The high availability of our services, which exceeds 99 percent, and zero employee injuries resulting in absence add to the positive figures for last year," said Pavel Moučka, chairman of the board.

According to Moučka, last year was eventful. The company became a joint-stock company in July. In the autumn, it had to contend with flooding in Lobodice and, in part, Štramberk, but there was no serious damage, the company’s head said. Last year, Gas Storage CZ also continued to invest in its facilities. At the end of the year, it launched new business models, including offering the market a new reverse storage facility with reserved gas. Looking ahead, it plans to focus on using hydrogen and so-called green gases in the gas system.

Gas Storage operates six underground gas storage facilities with a capacity that, according to the company, is equivalent to one-third of the Czech Republic’s annual consumption. The state acquired the subsidiary of German energy company RWE two years ago with the aim of increasing energy security and independence from Russia. The state paid EUR 360 million (almost CZK 9 billion) for Gas Storage CZ, which is now a subsidiary of state-owned ČEPS.

The company operates underground storage facilities in Dolní Dunajovice, Tvrdonice, Lobodice, Štramberk and Třanovice in Moravia, as well as in Háje near Příbram. Their total working volume is more than 2.7 billion cubic metres of natural gas.