In the first half of 2024, the Latvenergo Group's revenue amounted to EUR 955.4 million, which is 18% less than in the same period last year. This is due to lower energy sales prices, the company reported. Lower natural gas purchase prices, an increase in the volume of electricity and natural gas sold at retail, and an increase in the number of Elektrum customers had a positive impact on the Group's profit indicators. Latvenergo's EBITDA increased by 14% to EUR 393.7 million, while its profit amounted to EUR 252.5 million, which is 13% more than in the previous year. In the first half of the year, the Group invested EUR 175 million in new renewable energy projects. This is twice as much as in the previous year. New solar and wind park capacities in all Baltic countries have been added to the Group's portfolio in accordance with the development strategy. In the first six months of 2024, the financial results of the Group were mainly determined by the high production at the hydroelectric power plants located on the Daugava. In the first half of this year, the Daugava HPP produced the third largest amount of electricity in the first 6 months of the year in the last 30 years – 2558 GWh. With the price of natural gas decreasing by 41%, Latvenergo CHPP produced 949 GWh more electricity. In total, 3531 GWh of electricity was produced at the facilities, which is 35% of the total electricity produced in the Baltics. Of this, 73% of the electricity was produced from renewable energy resources. The first half of the year saw an increase in the number of both electricity and natural gas customers. The volume of electricity sold at retail increased by 8% and natural gas by 39% compared to the same period last year. In June 2024, Latvenergo paid EUR 212.2 million in dividends to the state from the previous year's profit, and also paid EUR 48.3 million in profit tax. In the first half of 2024, electricity and natural gas prices continued to decline. In the Baltics, spot electricity prices were on average 9% lower, while the average TTF (Front Month) natural gas price was EUR 30/MWh, which is 49% lower than in the first half of 2023.
