Latvenergo Group's Unaudited Profit At Eur 75.955 Million in 2018

RIGA, Feb 28 (LETA) - Joint-stock power utility Latvenergo posted EUR 878.008 million in revenue last year, a decrease of 5.1 percent on 2017, while Latvenergo Group's profit amounted to EUR 75.955 million - a decrease of 76.4 percent, according to the company's unaudited financial report submitted to Nasdaq Riga stock exchange.

Latvenergo's EBITDA decreased 41 percent to EUR 321.6 million in 2018.

Latvenergo generated 5,076 gigawatt-hours (GWh) of electricity at its generation facilities last year, while thermal energy generation amounted to 2,274 GWh.

The report says that Latvenergo combined heat and power plants played a very important role in ensuring electricity demand last year, which compensated for the shortage of hydropower output.

The output by Daugava hydropower plants decreased 44 percent in 2018, compared to previous year, and reached 2,380 GWh.

In 2018, a total of 7 terawatt-hours (TWh) of electricity was sold to retail customers in the Baltics, which is approximately the same amount as in 2017. The electricity trade volume in Latvia was 4.4 TWh, 1.6 TWh in Lithuania and 0.9 TWh in Estonia.

Latvenergo continuously develops new business areas and services, and the latest Elektrum service is the sale of natural gas to Latvian households from February...