Gas Storage CZ Reports a Net Profit of CZK 3.6 Billion in 2024

• In 2024, Gas Storage CZ recorded revenues of CZK 2.844 billion, representing a 15% increase compared to 2023.

• The company’s financial results were positively influenced by a change in the accounting value of long-term assets. The adjusted operating profit after tax for 2024 amounted to CZK 1.083 billion, which is CZK 390 million more than in 2023.

• The company enables its customers flexible switching between injection and withdrawal modes, and usage of this flexibility is on the rise. There is also growing interest in new products and supplementary services.

Gas Storage CZ achieved a net profit of CZK 3.6 billion in 2024, surpassing its 2023 performance. Revenues increased to CZK 2.844 billion, CZK 371 million more than the previous year. “The adjusted operating profit, excluding the effect of the accounting operation, reached CZK 1.083 billion, CZK 390 million more than in 2023,” said Pavel Moučka, Chairman of the Board of Gas Storage CZ. “The financial results for 2024 were also positively impacted by an accounting operation – the reversal of an impairment of assets,” he added.

The 2024 results reflect developments and new trends in energy markets.“We saw customer interest in new products, such as the innovative 'inverse storage,' which provides storage capacity including gas already available on the account. This means the gas is available at the start of the storage period without additional capacity tracking, and at the end of the period, the gas is returned to the customer’s account,” Moučka explained.

Since 2023, Gas Storage CZ has been part of the state’s ownership structure. In both previous years, the company achieved excellent financial results and is currently one of the largest corporate taxpayers in the Czech Republic. “Demand for gas storage, especially in the winter season, will continue to grow in the coming years,” stated Lukáš Vlček from the Ministry of Industry and Trade.

Since April of last year, the company has held over sixty storage capacity auctions. Customers showed the most interest in new and shorter-term products as well as supplementary services – such as interruptible and daily firm capacity. “We also observed a positive trend in demand for gas storage services for longer time horizons. Similar to previous years, demand increased for winter gas storage and summer withdrawal. We are also seeing growth in so-called reverse nominations, where customers request services counter to the typical seasonal cycle,” Moučka added.

The company operates a total of six underground gas storage facilities in Dolní Dunajovice, Tvrdonice, Lobodice, Štramberk, and Třanovice in Moravia, and in Háje near Příbram. Their combined storage capacity represents approximately forty percent of the Czech Republic’s current total annual gas consumption.