Enefit Energy Company Raises Turnover 28.9% in 2018

RIGA, March 13 (LETA) - Enefit electricity supplier turned over EUR 59.7 million in 2018, which is an increase of 28.9 percent against a year before, and suffered a loss of EUR 2 million in contrast to a profit made in 2017, LETA was told at the company.

Last year, Enefit expanded its client portfolio and increased energy sales by 15 percent.

In 2018, Enefit sold 1,501 gigawatt hours (GWh) of electric power in Latvia, up 15 percent year-on-year. Thanks to growing sales volumes and a jump of the wholesale price of electricity, Enefit managed to increase its turnover by nearly a third to EUR 59.7 million.

Since most Enefit clients concluded long-term fixed price contracts, supplying power to these clients cost the company more than the electricity price stipulated in the contracts, which led to the EUR 2 million loss in 2018.

Meanwhile, the company's client and services...