The AS “Latvenergo” group labored with a turnover of 744.582 million euros in the 1st fifty percent of this yr, 66.2% more than last calendar year in the corresponding period, even though the group’s revenue improved by 2, 5 times – up to 141.905 million euros, in accordance to info provided by “Latvenergo” on the Nasdaq Riga stock exchange “.
On the other hand, the turnover of the firm’s mother or father organization elevated two times in the 1st 6 months of 2022, reaching 473.714 million euros, even though the financial gain of the firm’s parent enterprise was 151.589 million euros, or 2.1 periods additional than in the corresponding interval final yr.
Associates of “Latvenergo” tension that the maximize in the group’s revenues is predominantly owing to the higher marketplace price ranges of electrical energy and normal gasoline. In the first fifty percent of 2022, the rate increase in the energy useful resource markets ongoing, with the price of normal gas increasing by about 4.6 periods, whilst the price of energy in the Baltic countries – 3 periods, in contrast to the corresponding interval of final year.
The revenue of the 1st 50 percent of the calendar year is alternatively, as standard, higher than the 2nd 50 % of the yr, since in the spring period of time, due to the higher inflows, much a lot more electric power is created at the Daugava hydroelectric plant (HEP) than to the relaxation of the calendar year.
Moreover, the representatives of “Latvenergo” notice that the gain of the corporation, as a point out-owned firm, is directed toward the payment of dividends, which go to the state finances. This yr it was decided to distribute 70.2 million euros in dividends, when in 2023 the distribution of 56.8 million euros in dividends is anticipated.
In the initial fifty percent of 2022 “Latvenergo” made 2,253 gigawatt hrs (GWh) of electric power, 20.3% a lot less than in the very first 6 months of final 12 months, and also developed 1,092 GWh of thermal power, 13.3% in much less than very last 12 months all over this time.
The overall total of the expenditure of the firm “Latvenergo” in the to start with 6 months of 2022 was nearly equal to the corresponding interval of previous 12 months, equal to 56.2 million euros. Most of them, or 70%, are invested in distribution network assets. The reconstruction of the Daugava HPP hydroelectric units ongoing, the place the complete amount of investments by now invested quantities to 197.3 million euros.
The group’s report implies that, following examining the probable hazards affiliated with the Russian invasion of Ukraine, amendments to Latvia’s strength legislation had been adopted on April 21, 2022, which delivers that the obtain of security reserves of the power supply of purely natural gas for an quantity of 1.8-2.2 terawatt hours (TWh) and storage is arranged by “Latvenergo” on behalf of the state. Though the gas market place problem across Europe is tense, “Latvenergo” has by now bought gasoline on time and carries on to replenish fuel reserves, guaranteeing the essential sum of all-natural fuel for point out reserves.
Daugava HPP manufactured 1969 GWh of electrical power this 12 months, the share of renewable electrical power that arrived at 88% of the complete amount of energy manufactured. Daugava HPP manufacturing was 5% larger than in the corresponding time period previous calendar year. On the other hand, the operation of the “Latvenergo” (TEC) thermoelectric crops was decided by the significant rate of the shares of natural gas and carbonic acid, which make 71% fewer energy than a calendar year back, or 269 GWh.
In the initially 50 percent of this yr, the number of electricity and pure gas clients greater by 8% and 20% respectively. Thus, the group’s purchaser portfolio in the electrical energy sector is composed of approximately 790,000 buyers, of which in excess of 140,000 are outside the house Latvia, when the number of pure fuel customers exceeds 20,000.
In the to start with 50 percent of 2022, the quantity of electrical power offered by the corporation “Latvenergo” in the Baltic nations was 2,643 GWh, although the amount of pure gasoline was 518 GWh.
The variety of contracts for the sale of solar panels and components of photo voltaic parks concluded simultaneously in the Baltic countries has enhanced pretty much ninefold, to exceed 3400. The whole set up ability of solar panels for buyers of the company “Latvenergo” in the Baltic international locations exceeds the 17 megawatts (MW). By expanding and diversifying the technology portfolio with green technologies, photo voltaic park projects are remaining made. There are now 11 new solar park building projects in the Baltic nations around the world with a overall ability of 186 MW in the design and style or construction section.
The turnover of the business “Latvenergo” in the first 50 percent of 2021 was 448,052 million euros, though the company’s income was 57,113 million euros.
“Latvenergo” is engaged in the generation and buying and selling of electrical and thermal vitality, as properly as in the investing of pure gas and in the provision of electrical energy distribution products and services. “Latvenergo” belongs to the point out, but the firm’s bonds are outlined on the personal debt securities list of the “Nasdaq Riga” stock trade.
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