The turnover of Latvenergo JSC was EUR 1.537 billion in the first nine months of 2023. This is 30.9% more than in the previous year’s nine-month period. The group’s profits went up by 2.7 times, reaching EUR 283.4 million, according to information provided to Nasdaq Riga exchange.
At the same time, Latvenergo parent company’s turnover was EUR 1.084 billion in nine months of 2023, which is 47.1% more than in the first nine months of 2022. The company’s profits went up 2.2 times – to EUR 276.849 million.
According to Latvenergo, the biggest effect on Latvenergo’s financial and operational results in nine months of 2023 came from the increase of production volumes at Daugava HES in spring 2023,
which generated the biggest volume of electricity in a nine-month period of the past 20 years.
In nine months Latvenergo generated a total of 3 971 GWh of electricity in nine months of 2023. This is 46% more when compared to the same period of 2022.
In May 2023 Latvenergo paid the state EUR 134 million in dividends. After the review period the company paid another EUR 18.5 million in dividends.
Latvenergo board chairman Mārtiņš Čakste said this is the year when opportunities provided by nature and HES were used by Latvenergo to generate and sell electricity.
“In order to expand our renewable energy generation output, we invested into new production capabilities and further expanded HES electricity generation capabilities,” says Čakste.
In terms of electricity generation by Latvenergo TEC, the generated volume reached 920 GWh, which is nine times more when compared to last year. This means in nine months of 2023 Latvenergo generated 34% of all electricity generated by Baltic States.
At the same time, the volume of electricity sold in nine months is 6 557 GWh, which is 23% more than what was sold in nine months of 2022.
The number of contracts for the sale of solar panels and solar park parts concluded in the nine months of this year exceeds 1 300. The total installed capacity of solar panels for retail customers of the Latvenergo Group reached 70 MW at the end of September.
At the same time, Elektrum Drive electric car charging network reached 290 ports at the end of September, with more than 34 800 recharges or 735 MWh, saving 450 tons of carbon dioxide emissions.
The overall Latvenergo Group’s investment volume in nine months of 2023 reached EUR 135.4 million,
which is 58% more than in the same period of 2022. The biggest volume of growth came from investments into solar energy development projects. In total there are 15 solar parks in design or construction stage with a total power output of 300 MW. Their gradual commissioning is expected in 2023-2025.
In 2022 Latvenergo’s turnover went up 2.1 times, reaching EUR 1.231 billion. The company’s profits went up 2.6 times, reaching EUR 209.362 million.
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