LV: Latvenergos Baltic market share at 32%.

By bne IntelliNews January 8, 2013
Energy supplier and distributor Latvenergo (Latvian Energy) estimates its market share in the Baltic States at 32% as of end of 2012, nozare.lv reports citing the press-secretary of the company. In Estonia the market share is estimated at 10% with about 6,500 clients, in Lithuania at 13% with about 2,000 clients (in both countries company operates under Elektrum brand). In 2012 in Latvia 23,500 out of 25,000 clients were retained, Latvenergo reports, claiming market leadership share in the Baltic market. To remind, a first ever bond issue by Latvian state company, Decembers issue by Latvenergo attracted demand of over EUR 90mn vs. EUR 20mn proposed. Final yield for the 10-year issue stood at 2.8353%. Financial and Capital Market Commission (FTKT) approved Latvenergo to issue LVL 50mn worth of bonds. Bonds are not going to be exchangeable, and will be placed in both LVL and EUR in few issues. Latvenergo (Latvian Energy) reported a net consolidated profit of LVL 42.4mn (EUR 60.3mn) in H1/12, going up by 7.5% y/y. In 2010 company doubled net profit y/y to LVL 44.3mn, in 2011 net profit slipped by 1% to LVL 43.8mn. Companys revenues in H1/12 went up by 11% y/y to LVL 389mn. Revenues' growth last year was attributed to both retail and wholesale market activities and successful operations on the now open Baltic retail market. Latvenergo is the state owned company operating 3 hydro power plants and 2 thermal power plants.

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