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International Internet Magazine. Baltic States news & analytics Monday, 20.05.2019, 01:50

Latvenergo Group's unaudited profit at EUR 75.955 mln in 2018

BC, Riga, 01.03.2019.Print version
Joint-stock power utility Latvenergo posted EUR 878.008 mln in revenue last year, a decrease of 5.1 % on 2017, while Latvenergo Group's profit amounted to EUR 75.955 mln - a decrease of 76.4%, according to the company's unaudited financial report submitted to Nasdaq Riga stock exchange.

Latvenergo's EBITDA decreased 41% to EUR 321.6 mln in 2018.

Latvenergo generated 5,076 gigawatt-hours (GWh) of electricity at its generation facilities last year, while thermal energy generation amounted to 2,274 GWh.

The report says that Latvenergo combined heat and power plants played a very important role in ensuring electricity demand last year, which compensated for the shortage of hydropower output.

The output by Daugava hydropower plants decreased 44% in 2018, compared to previous year, and reached 2,380 GWh.

In 2018, a total of 7 terawatt-hours (TWh) of electricity was sold to retail customers in the Baltics, which is approximately the same amount as in 2017. The electricity trade volume in Latvia was 4.4 TWh, 1.6 TWh in Lithuania and 0.9 TWh in Estonia.

Latvenergo continuously develops new business areas and services, and the latest Elektrum service is the sale of natural gas to Latvian households from February 2019.

The total amount of Latvenergo Group's investments reached EUR 220.6 mln in 2018. 82% of overall investments was made in the modernization of the networks with a view to ensuring high quality of network services and improving technical performance and operational reliability. EUR 21.1 mln was invested in the reconstruction of the hydropower units of Daugava hydropower plants. Investments in the large transmission projects, Kurzeme Ring and the third Estonia-Latvia power transmission network interconnection, continue as well.

In 2017, Latvenergo Group's revenue amounted to EUR 925.627 mln, 0.6% less than in 2016, while the group's profit rose 2.5 times to EUR 322.021 mln.

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade, electricity distribution services and lease of transmission system assets.


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