Energy, Gas, Latvia

Latvijas Gaze completed the nine months of 2014 with a profit of EUR 12.9 million, which is 7.2% lower than in the respective period of 2013, when Latvijas Gaze profited EUR 13.9 million.

The company maintains that the natural gas withdrawal season in 2014 was longer than planned because due to urgent repairs on the gas transmission pipeline Torzhok-Valdai in Russia. Despite the delay of the injection season, the Incukalns underground gas storage facility has been filled in time, as this year, due to the previous mild winter, the volume of gas to be injected was lower.

The injection season at the Incukalns facility was completed on October 23, with 2,300 million m3 of active gas present at the end of the season.

Over the nine months of 2014, the consumers were sold natural gas and provided services worth EUR 333.6 million, which is by 20.2% less than in the respective period of 2013.

The decrease of income year-on-year stems from the lower natural gas sales volume and the fact that during the nine months of 2014, due to changes in oil product quotations and currency rates, the residential and industrial customers were applied differential natural gas sale end-user tariffs corresponding to a natural gas sale price 6.8% below that of the nine months of 2014, the company informs.