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…
Lithuania’s Energy Ministry plans to increase the protection of the country’s electricity infrastructure and Polish-owned oil company Orlen Lietuva’s refinery, BNS reports. Under an order drafted by Energy Minister Dainius Kreivys, the state will place key electricity infrastructure, including network connections with other countries, at a higher level of protection. Also, the state will place…
Estonia’s electricity distribution system operator, Elektrilevi, plans to double investments in its networks to EUR 1bn over the next five years, ERR reports. Also, the state will invest around EUR 13mn in making the electricity infrastructure on the islands of Hiiumaa, Muhu, and Saaremaa more weather resistant. Elektrilevi will invest EUR 4mn to replace over…
Latvian President Edgars Rinkevics called for a review of existing electricity distribution tariffs, LSM reports. Speaking after a meeting with Prime Minister Krisjanis Karins, Rinkevics said that the behaviour of the market regulator, the Public Utilities Commission (SPRK), was “unacceptable.” He insisted that the increase in electricity tariffs was “disproportionate.” The new tariffs came into…
The prime ministers of the three Baltic States have signed a joint declaration to speed up the synchronisation of the Baltic power grids with the continental European network, ERR reports. Estonian Prime Minister Kaja Kallas said that the Baltic States would disconnect from the Russian-controlled BRELL system as soon as it was technically possible. She…
Estonia’s state-owned energy group, Eesti Energia, reported sales revenue of EUR 416.1mn in the second quarter of 2023, which was almost unchanged from EUR 416.6mn a year earlier. Revenue outside Estonia accounted for 63% of total sales. The group’s quarterly adjusted EBITDA stood at EUR 115.7mn (up 45.0%) and adjusted net profit at EUR 50.6mn…
The Baltic electricity transmission system operators have signed an agreement on the synchronisation of the Baltic power grids with the continental European system, The Baltic Times reports. Under the agreement, Estonia’s Elering, Latvia’s Augstsprieguma Tikls (AST), and Lithuania’s Litgrid will disconnect from the Russian-controlled BRELL system and connect to the continental European grid in February…
Lithuania’s Foreign Ministry has handed in a diplomatic note to Belarus following the launch of the second power unit of the Belarusian Nuclear Power Plant (BelAES) in Astravyets, BNS reports. Lithuania urged Belarus not to operate the second unit until all safety problems have been resolved. The Foreign Ministry noted that Belarus had failed to…
Lithuania’s Modus Asset Management has secured EUR 58mn of debt financing from Poland’s BNP Paribas Bank Polska and PKO Bank Polski, The Baltic Times reports. Modus Asset Management’s Modus Poland Solar Fund I will use the funds to finance the acquisition of a 93 MW solar farm portfolio in Poland. The fund now owns over…
