Energy, Financial Services, Good for Business, Investments, Latvia
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Friday, 29.03.2024, 16:44
Latvenergo power utility signs EUR 100 mln agreement with NIB
The investment program aims to increase the security of the
power supply and improve the quality of service through distribution network
renewal and digitalization.
The projects include changing the overhead lines to
underground cables, replacing the old transformer points, rolling-out smart
meters and other enhancements.
“Investing in a sustainable electricity distribution
infrastructure is vital for the competitiveness and growth of the Latvian
economy. Efficiency improvements will benefit the Group in financial savings,
and result in better services for customers”, says Henrik Normann, NIB
President and CEO.
The upgraded distribution network will allow saving up to
3.3 GWh of energy a year. Moreover, the installation of smart meters will
increase the share of connected users from 49% to 95%.
Latvenergo power company posted EUR 435.199 mln in audited
turnover for 2018, down 12.7% from 2017, while the company’s profit
increased 41 percent to EUR 212.733 mln, according to the company’s statement
to the Nasdaq Riga stock exchange. The group’s revenue amounted to EUR 878 mln,
which is 5% less than in 2017. The group’s profit for 2018 amounted to
EUR 76 mln.
Latvenergo is a state owned power utility engaged in
electricity and heat generation and trade and natural gas trade. The
electricity distribution is operated by its subsidiary Sadales Tikls.
NIB is an international financial institution owned by eight
member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway
and Sweden. The Bank finances private and public projects in and outside the
member countries. NIB has the highest possible credit rating, AAA/Aaa, with the
leading rating agencies Standard & Poor’s and Moody’s.