Riga, 2013-01-31 16:50 CET (GLOBE NEWSWIRE) -- On 31 January 2013 in Latvian media published information about the Latvenergo Groups forecasted operational results for 2012. The information is based on the Latvenergo Groups nine months (unaudited) financial results, according to which the profit for 2012 is estimated at LVL 40,4 million.
Currently the Latvenergo Groups financial results for 2012 are processed and summarized and the Latvenergo Groups financial results (unaudited) for 2012 will be published on 28 February 2013 on Latvenergo homepage http://www.latvenergo.lv/investors/eng.
According to the key strategic objectives set in the Latvenergo Group strategy - expansion in the Baltic electricity supply market, diversification of generation sources and balanced network development, Group budget and targets for 2013 have been approved. The main activities for the Group in 2013 are planned electricity market opening in Latvia and TEC 2/2 completion.
The Latvenergo Group aims to maintain the leader position in the Baltic electricity market with a 33% market share and reaching revenues of LVL 824 million. The Latvenergo Group projected profit for 2013 is LVL 41,7 million. Long term average electricity output is the assumption for the profit forecast.
The main part of the electricity and heat of the Latvenergo Group is produced in three hydro power stations on River Daugava and two combined heat and power plants in Riga.
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The Latvenergo Group is the largest power supply merchant in the Baltics, engaging in electricity generation and trade as well as providing electricity distribution and management of transmission system assets. Latvenergo holds one-third of the entire Baltic electricity market. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa3/stable.
The Latvenergo Group includes the parent company Latvenergo AS (electricity generation and trade, thermal energy generation) and its subsidiaries Latvijas elektriskie tīkli AS (management of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity trade in Estonia), Elektrum Lietuva UAB (electricity trade in Lithuania) and Liepājas enerģija SIA (thermal energy generation and trade, electricity generation), as well as Elektrum Latvija SIA, a subsidiary of Elektrum Eesti OÜ.