The profit of the “Latvenergo” concern increased 2.7 times in nine months

At the same time, the turnover of the concern’s parent company “Latvenergo” in the first nine months of this year was 1.084 billion euros, which is 47.1% more than in the last nine months, while the company’s profit increased 2.2 times – up to 276.849 million euros.

According to “Latvenergo”, the most significant impact on Latvenergo’s financial and operating results in the nine months of 2023 still remains from the increase in production experienced in the spring of 2023 at the Daugava Hydroelectric Power Stations (HEP), where the largest amount of electricity in the nine-month period was developed in the last 20 years.

In the nine months of this year, 3,971 gigawatt hours (GWh) of electricity were produced in the “Latvenergo” concern, which is 46% more electricity than in the corresponding period last year.

At the same time, in May of this year, “Latvenergo” paid 134 million euros in dividends to the state, and after the reporting period additional dividends in the amount of 18.5 million euros.

On the other hand, for the reporting year 2023, the expected amount of dividends to be paid by “Latvenergo” in 2024 is 64% of the profit of the reporting year, but not less than 199.3 million euros.

“Latvenergo” board chairman Mārtiņš Čakste says that this is the year when the opportunities provided by nature and HPP have been used in the “Latvenergo” concern both in the production and sale of electricity.

“In order to further expand our renewable energy production capacity, in these nine months we have made investments in new capacities, as well as further increasing the production capacity of HES,” says Čakste.

The production of electricity at the Daugava HPP in the nine months of 2023 has been affected by water inflow – at the beginning of the year it was almost twice as large as last year, in June it decreased according to the season, and the amount of electricity production also decreased.

However, in the nine months of the year, the volume produced by the Daugava HPP is 35% higher than in the corresponding period last year, reaching 3036 GWh.

On the other hand, the production of electricity at “Latvenergo” TEC reached 920 GWh, which is twice as much as in the corresponding period last year. Therefore, in the nine months of 2023, Latvenergo produced 34% of the total amount of electricity produced in the Baltics.

At the same time, 6,557 GWh have been sold in the nine months of this year, which is 23% more than in the corresponding period last year.

The volume sold in retail has increased by 15% to 4,491 GWh, which was also facilitated by the increase in the number of customers outside Latvia by 31% to 212,000 customers in Lithuania and Estonia.

The number of customers in the natural gas sales segment “Latvenergo” has doubled, exceeding 42,000 customers.

The number of contracts for the sale of solar panels and parts of solar parks concluded in the nine months of this year exceeds 1,300.

The total installed capacity of solar panels for Latvenergo Group’s retail customers reaches 70 megawatts (MW) at the end of September.

At the same time, the “Elektrum Drive” electric car charging network reached 290 ports at the end of September, where more than 34,8000 charges of 735 megawatt-hours (MWh) have been made, saving 450 tons of carbon dioxide emissions.

The total amount of investments of the “Latvenergo” concern in the nine months of 2023 is 135.4 million euros, which is 58% more than in the corresponding period last year, and the largest increase came from investments in solar power plant development projects.

In total, there are 15 solar parks in the design or construction stage in the Baltics with a total capacity of more than 300 MW, whose gradual commissioning is expected in 2023-2025. year.

It has already been reported that the turnover of “Latvenergo” increased 2.1 times in 2022, reaching 1.231 billion euros, while the company’s profit increased 2.6 times and was 209.362 million euros.

“Latvenergo” is engaged in the production and trade of electricity and thermal energy, as well as natural gas trade and provision of electricity distribution services.

“Latvenergo” belongs to the state, but the company’s bonds are listed on the debt securities list of the stock exchange “Nasdaq Riga”.

2023-11-30 08:52:52 #profit #Latvenergo #concern #increased #times #months
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