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International Internet Magazine. Baltic States news & analytics Wednesday, 28.02.2024, 04:46

Latvenergo Group posts EUR 94.665 mln in profit in January-September

BC, Riga , 27.11.2020.Print version
Latvenergo Group posted EUR 564.359 mln in turnover in January-September this year, which is 9.1% less than in the same period of 2019, while the group's profit rose 52.6% to EUR 94.665 mln.

Turnover of the group's parent company decreased 11.7% to EUR 283.002 mln, while the company's profit was EUR 148.511 mln, 85.1% more than in the first nine months of 2019.

Latvenergo Group's operations and performance are affected by various global and regional factors, the company told LETA. In the nine-month period of 2020, electricity prices in the Baltic and Nordic countries were significantly lower than in the respective period a year ago. This was related to the improvement of the hydrobalance in the Nordic countries and lower demand due to warmer weather and COVID-19. In Latvia, the electricity market price in the reporting period decreased by 33 % compared to the last year.

The fall in electricity prices and demand reduced electricity generation in the Baltics by 8% in the nine-month period of 2020 compared to the respective period a year ago. Despite that Latvenergo Group was the largest electricity generator in the Baltics, whose output accounted for 30% of the total electricity output in the Baltic countries. The total amount generated by Latvenergo Group's power plants comprised 3,298 GWh of electricity and 1,101 GWh of thermal energy.

In the nine-month period of 2020, the amount of power generated at the Daugava HPPs reached 2,100 GWh, which was 54% higher compared to the respective period a year ago. In the nine-month period of 2020, the share of electricity generated from renewable energy sources at Latvenergo Group was 64% (in the respective period of 2019 it was 39%).

In the reporting period, the electricity amount generated at the Latvenergo CHPPs reached 1,168 GWh, which was 46% less than in the respective period a year ago. The thermal energy output decreased by 9% due to warmer weather conditions during the heating season.

Latvenergo Group also continues to actively expand into new business segments - trading of solar panels, electric mobility and natural gas trading. 460 contracts were signed for the installation of solar panels in the Baltics, thus the number of concluded contracts has doubled compared to the respective period a year ago. The total installed solar panel capacity in the Baltics reached 4.7 MW, of which 76% were installed for customers outside Latvia.

During the reporting period, Elektrum has started construction projects for two solar panel parks in Lithuania and Estonia. The planned installed capacity of the Lithuanian solar park will be 1.5 MW, while for Estonia it will be 0.25 MW.

In the reporting period, more than 4,500 charges amounting to 122 MWh were made at Elektrum electric vehicle charging stations. The number of electric vehicle charging sites has reached 26 charging ports at nine stations.

Latvenergo Group's natural gas sales to retail customers were 65% higher than in the nine-month period of 2019, reaching 318 GWh. The increase in natural gas sales can be observed in all three Baltic countries, due to the positive dynamics of the number of customers. At the end of September, the natural gas portfolio in the Baltics consisted of 11,700 customers, of which 10,400 were households.


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