Profits surge for electricity giant

Latvenergo Group, Latvia's dominant electricity utility generated €68.6 million in profit in the first nine months of 2015, up from €30 million a year ago, according to the group's unaudited results for the first nine months of 2015.

The energy group's results improved mostly thanks to the opening of the Latvian electricity market to households as of January 1, 2015. Before that, Latvenergo supplied electric power to households for regulated prices, which were below the market price.

The huge rise in profitability came despite an 8 percent year-on-year decline in revenues in the nine months of 2015, though this was explained as being due to a change in accounting procedures.

In the first nine months of 2015 "Latvenergo" was the largest electric power supplier in the Baltic states commanding about one third of the electricity market.

In Lithuania and Estonia, the number of "Latvenergo" clients rose 5 percent against the same period a year ago. The group sold 5,801 GWh of electric power in all three Baltic states, including 1,875 GWh in Lithuania and Estonia.

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