Analytics, Energy, Latvia
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Tuesday, 19.03.2024, 05:07
Subsidized electricity producers' total turnover at EUR 1.21 bn in 2017 - Lursoft
Lursoft reminds
that, according to the Economics Ministry's data, there were 348 subsidized
electricity producers in Latvia as of January 18, which operated 434 power
stations. Of these, 33.87 % used water to produce electricity, 22.81 % were
powered by natural gas and 14.29 % by biogas.
According to Lursoft, subsidized electricity producers' total turnover has increased 1.68% since 2015, amounting to EUR 1.21 bn last year. On the other hand, their profit has been growing much faster - last year subsidized electricity producers' total profit after tax increased to EUR 194.37 mln from EUR 149.05 mln in 2016. Power utility Latvenergo alone posted EUR 498.58 mln in turnover and EUR 150.89 mln in profit last year, while Rigas Siltums heat supply company's turnover amounted to EUR 152.32 mln and profit to EUR 7.76 mln. According to the Economics
Ministry's data, Latvenergo receives subsidies for four power stations and Rigas Siltums for five.
Based on Lursoft's
estimates, one-third of all companies that receive state subsidies for
electricity they produce are registered in Riga, and their average age is 16
years.
Three Estonia-registered companies, WNDE Solutions OU, Viride OU and Autour Vole OU, each own shares in twelve Latvian subsidized
electricity producers. Company INPO 5 that, through a number of other
companies, belongs to the family of ex-politician Andris Skele, owns eleven subsidized electricity producers. Armands Zemitis owns six subsidized
electricity producers.