With rising electricity and natural gas prices, “LatvenergoThe Group’s revenue in the first quarter of 2022 amounts to 407.7 million euros. The Group’s EBITDA is 43 million euros higher than in the first quarter of 2021, reaching 123.6 million euros. The group’s profit is 81.8 million euros, according to the information provided by the company.
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In the first quarter, the Group’s profit is usually higher than in the following quarters of the year, as due to a larger inflow in the spring, significantly more electricity is generated at the Daugava hydropower plants than in the rest of the year. The average water inflow into the Daugava in the reporting period was 665 m3 / s, but in the corresponding period last year it was 576 m3 / s. Thus, in the first three months of this year, 888 GWh were produced, but last year – 769 GWh.
As a state-owned company, the profit of Latvenergo AS is directed to the payment of dividends to the state budget. In 2021, 113.3 million euros were paid to the Latvian state budget and 98.2 million euros in dividends for the use of state capital. In turn, in 2022 it is planned to pay 70.2 million euros in dividends.
The total investment of the Latvenergo Group in the first three months of 2022 is practically equivalent to the corresponding period last year and reaches 28.3 million euros, investing most of it in distribution network assets. Reconstruction of Daugava HPP hydro units has been continued, where the total amount of already invested investments reaches 196.7 million euros.
In March 2022, the Supervisory Board of Latvenergo AS approved the medium-term operating strategy of the Latvenergo Group for 2022–2026. A growth strategy with new operational and financial targets. It emphasizes the rapid development and electrification of renewable electricity plants both to achieve the group’s goals and to promote energy independence. Objectives of the strategy: to expand and diversify the generation portfolio with green technologies; strengthen “Elektrum“as the most valuable energy trader in the Baltics; to develop the electrification of the transport sector; to ensure a sustainable and economically viable distribution service and to improve the security and quality of electricity supply.
The Latvenergo Group is one of the largest providers of energy supply services in the Baltics, and its structure consists of a group of commercial companies in which the parent company AS Latvenergo has a decisive influence. The parent company AS Latvenergo is engaged in the production and sale of electricity and heat, as well as the sale of natural gas. AS “Distribution network“provides electricity supply to each customer. Electricity and natural gas are traded in Estonia by” Elektrum Eesti “OÜ, while in Lithuania – by” Elektrum Lietuva “UAB.Liepaja energy“(51% of shares) ensures the production and supply of heat in the city of Liepaja. JSC” Latvenergo “also has a stake in JSC” Pirmais Slēgtais Pensiju Fonds “(46.3% of shares), which is engaged in the management of the pension plan, as well as a financial investment (0.005% shares) JSC “The heat of Riga“, according to the company ‘s website.
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