Latvia: Latvenergo reports record revenue, profit in H1/2023

Latvia’s state-owned energy holding, Latvenergo, posted all-time record revenue and profit in the first half of 2023, LSM reports. The group’s six-month turnover amounted to over EUR 1.1bn, which was up 56% from the same period of 2022. The group’s profit rose by 57% to EUR 222.5mn. Latvenergo attributed the record performance to the spring floods, which increased hydropower revenue, and the group’s activities in foreign markets. Latvenergo generated a third of its revenue abroad. Climate and Energy Minister Raimonds Cudars suggested using dividends from Latvenergo to offset electricity distribution rates for consumers.