Joint stock companies Latvenergo last year, according to preliminary data, the concern worked with a turnover of 1.842 billion euros, which is 72.9% more than in 2021. On the other hand, the group’s profit increased 2.6 times – up to 183.417 million euros, according to the information provided by the company to the stock exchange Nasdaq Riga.
At the same time, the turnover of the parent company of the concern increased 2.1 times in 2022, reaching 1.231 billion euros. On the other hand, the profit of the parent company of the concern was 208.812 million euros, which is an increase of 2.6 times. It has already been announced that in 2021 Latvenergo the group’s turnover was 1.065 billion euros, while the group’s profit was 71.623 million euros.
The company explains that with Russia’s invasion of Ukraine in 2022, Europe gradually gave up Russian gas, which affected the supply of not only natural gas, but also other energy resources, contributing to the increase in their prices.
last year Nord Pool the average price of electricity in the system was 2.2 times higher and reached 136 euros per megawatt hour (MWh). This happened considering that the price of natural gas in 2022 was almost three times higher, exceeding 132 euros per MWh. In Latvia, the price of electricity increased 2.5 times, reaching the historical monthly average price record in August and exceeding 467 euros per MWh. On the other hand, the average price of emission quotas was 81 euros per ton, which is 53% higher than in 2021.
Latvenergo has stopped purchasing natural gas from Russia since February 24, 2022,
refocusing on liquefied natural gas supplies from other countries. According to the company, these factors had an impact not only Latvenergo the financial results of the concern, but also the amount of electricity produced, as well as confirmed the importance of the strategic development goals selected by the concern for the security of the national energy supply.
The company states that last year the concern made a significant contribution to the implementation of strategic goals, which at the same time supports the country’s energy security. Registered last July Latvenergo an ace Latvian state forests joint venture SIA Latvian wind parks. SA memorandum of cooperation was signed in September Latvenergo an RWE. [Vācijas daudznacionāls energouzņēmums, kura galvenā mītne atrodas Esenē. Tas ražo un tirgo elektroenerģiju Āzijas un Klusā okeāna reģionā, Eiropā un Amerikas Savienotajās Valstīs – BNN.]
The realization of both projects foresees an investment in the development of high-power wind farms for the production of renewable, safe and cheaper electricity. In addition Latvenergo the concern has been active in purchasing natural gas safety reserves for the protection of customers and the state and obtaining the right to use the Klaipėda liquefied natural gas terminal.
in 2022 Latvenergo the concern produced 3,822 gigawatt hours (GWh) of electricity in the Baltics,
of it, 70% or 2,671 GWh has been developed in the Daugava hydroelectric power plants (HEP).
Such a share of green energy was affected by the high prices of natural gas and carbon dioxide (CO2) allowances. Therefore Latvenergo TEC produced 39% less electricity than a year ago – or 1,123 GWh – and, due to warmer weather conditions, also 14% less heat energy – or 1,777 GWh.
Compared to the previous year, it increased by 8% Latvenergo the number of electricity customers of the concern, reaching more than 818,000 in the Baltic countries, of which more than 175,000 are outside Latvia. in 2022 Latvenergo the amount of electricity sold by the concern in the Baltics was 5452 GWh, of which 35% or 1912 GWh – in Estonia and Lithuania. On the other hand, the number of natural gas customers has increased by 15%, exceeding 21,000 customers at the end of December. The amount of natural gas sold has increased by 1.3%, reaching 1040 GWh.
As the market demand for renewable energy increased, the demand for solar panels increased significantly. Latvenergo the number of concluded sales contracts for solar panels and parts of solar parks in the Baltics has increased almost five times, exceeding 6,200. The total Latvenergo the solar panel capacity installed by the group’s retail customers in the Baltics exceeds 38 megawatts (MW).
There are currently four in operation Electricity solar parks with a total capacity of 11 MW. There are solar park creation projects in the Baltics with a total capacity of more than 190 MW in the design or construction stage. Electric Drive at the end of 2022, there were 195 ports in the electric car charging network. More than 24,000 charges of 480 MWh have been carried out in them.
Latvenergo the concern invested 121.7 million euros in 2022. The amount of investments has not changed significantly compared to 2021. The majority, or 70%, is invested in distribution network assets. The reconstruction of the Daugava HPP hydro units also continued.
Latvenergo is engaged in the production and trade of electricity and thermal energy, natural gas trade, provision of electricity distribution services. It is owned by the state, but the company’s bonds are listed on stock exchanges Nasdaq Riga in the list of debt securities.
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