Ecology, Energy, Energy Market, Good for Business, Latvia
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Tuesday, 10.12.2024, 09:47
Latvenergo Group posts EUR 94.665 mln in profit in January-September
Turnover of the group's parent company decreased 11.7% to
EUR 283.002 mln, while the company's profit was EUR 148.511 mln, 85.1% more
than in the first nine months of 2019.
Latvenergo Group's operations and performance are
affected by various global and regional factors, the company told LETA. In the
nine-month period of 2020, electricity prices in the Baltic and Nordic
countries were significantly lower than in the respective period a year ago.
This was related to the improvement of the hydrobalance in the Nordic countries
and lower demand due to warmer weather and COVID-19. In Latvia, the electricity
market price in the reporting period decreased by 33 % compared to the last
year.
The fall in electricity prices and demand reduced
electricity generation in the Baltics by 8% in the nine-month period of 2020
compared to the respective period a year ago. Despite that Latvenergo Group
was the largest electricity generator in the Baltics, whose output accounted
for 30% of the total electricity output in the Baltic countries. The total
amount generated by Latvenergo Group's power plants comprised 3,298 GWh
of electricity and 1,101 GWh of thermal energy.
In the nine-month period of 2020, the amount of power
generated at the Daugava HPPs reached 2,100 GWh, which was 54% higher compared
to the respective period a year ago. In the nine-month period of 2020, the
share of electricity generated from renewable energy sources at Latvenergo
Group was 64% (in the respective period of 2019 it was 39%).
In the reporting period, the electricity amount generated at
the Latvenergo CHPPs reached 1,168 GWh, which was 46% less than in the
respective period a year ago. The thermal energy output decreased by 9% due to
warmer weather conditions during the heating season.
Latvenergo Group also continues to actively expand
into new business segments - trading of solar panels, electric mobility and
natural gas trading. 460 contracts were signed for the installation of solar
panels in the Baltics, thus the number of concluded contracts has doubled
compared to the respective period a year ago. The total installed solar panel
capacity in the Baltics reached 4.7 MW, of which 76% were installed for
customers outside Latvia.
During the reporting period, Elektrum has started
construction projects for two solar panel parks in Lithuania and Estonia. The
planned installed capacity of the Lithuanian solar park will be 1.5 MW, while
for Estonia it will be 0.25 MW.
In the reporting period, more than 4,500 charges amounting
to 122 MWh were made at Elektrum electric vehicle charging stations. The
number of electric vehicle charging sites has reached 26 charging ports at nine
stations.
Latvenergo Group's natural gas sales to retail
customers were 65% higher than in the nine-month period of 2019, reaching 318
GWh. The increase in natural gas sales can be observed in all three Baltic
countries, due to the positive dynamics of the number of customers. At the end
of September, the natural gas portfolio in the Baltics consisted of 11,700
customers, of which 10,400 were households.
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