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Subsidized electricity producers' total turnover at EUR 1.21 billion in 2017 - Lursoft
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    Subsidized electricity producers' total turnover at EUR 1.21 billion in 2017 - Lursoft

    RIGA, Sept 13 (LETA) - Subsidized electricity producers' total turnover amounted to EUR 1.21 billion in Latvia last year, according to a Lursoft study.

    Lursoft reminds that, according to the Economics Ministry's data, there were 348 subsidized electricity producers in Latvia as of January 18, which operated 434 power stations. Of these, 33.87 percent used water to produce electricity, 22.81 percent were powered by natural gas and 14.29 percent by biogas.

    According to Lursoft, subsidized electricity producers' total turnover has increased 1.68 percent since 2015, amounting to EUR 1.21 billion last year. On the other hand, their profit has been growing much faster - last year subsidized electricity producers' total profit after tax increased to EUR 194.37 million from EUR 149.05 million in 2016. Power utility Latvenergo alone posted EUR 498.58 million in turnover and EUR 150.89 million in profit last year, while Rigas Siltums heat supply company's turnover amounted to EUR 152.32 million and profit to EUR 7.76 million. According to the Economics Ministry's data, Latvenergo receives subsidies for four power stations and Rigas Siltums for five.

    Based on Lursoft's estimates, one-third of all companies that receive state subsidies for electricity they produce are registered in Riga, and their average age is 16 years.

    Three Estonia-registered companies, WNDE Solutions OU, Viride OU and Autour Vole OU, each own shares in twelve Latvian subsidized electricity producers. Company INPO 5 that, through a number of other companies, belongs to the family of ex-politician Andris Skele, owns eleven subsidized electricity producers. Armands Zemitis owns six subsidized electricity producers.

    • Published: 13.09.2018 16:39
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