Energy, Energy Market, Latvia
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Friday, 29.03.2024, 09:27
Merger of Latvijas Elektriskie Tikli with Augstsprieguma Tikls TSO completed
As part of the restructuring, which was completed on Wednesday, November 25, Latvijas Elektriskie Tikli handed all its assets, rights and obligations over to Augstsprieguma Tikls, and as a result of the restructuring, Latvijas Elektriskie Tikli ceased to exist without a liquidation procedure.
The decisions on the restructuring were taken at a meeting of Augstsprieguma Tikls shareholders on August 18, 2020 and a meeting of Latvijas Elektriskie Tikli shareholders om August 17, 2020.
Augstspriegumu Tikls CEO Varis Boks told LETA that the new ownership model will have a positive effect on the transmission system operator's business.
"The change of asset ownership has significantly increased the value of Augstsprieguma Tikls, and the profit figure will increase as well as all the profit will remain with Augstsprieguma Tikls, while the administrative burden will decrease," Boks said, adding that the merger is a rational solution also from the energy policy standpoint, as it will promote the development of the electricity market and further integration with the European Union.
Latvijas Elektriskie Tikli used to be a subsidiary of Latvenergo actively supervising and managing Latvia's power transmission networks.
The Economics Ministry explained that the unbundling was necessary to comply with the European Union's (EU) so-called third energy package.
When Latvijas Elektriskie Tikli was unbundled from Latvenergo in June 2020, its power transmission system assets included 330 kV and 110 kV power transmission lines, substations and distribution points. As a result of the restructuring, these assets have been added to the Augstsprieguma Tikls capital. In June, the company's share capital was increased from EUR 64,218,079 to EUR 363,896,079.
As reported, Augstsprieguma Tikls closed 2019 with EUR 185.778 mln in turnover, down 4.2% from 2018, and its profit dropped 4.3% on year to EUR 4.475 mln.
Augstsprieguma Tikls is an independent Latvian state-owned electricity transmission system operator.
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