JSC "Latvijas Gāze" statement on the story “Rise in energy prices has secured record turnover and profit for “Latvenergo”” ran on the LTV1 news show “Panorāma” of March 4, 2023

The JSC “Latvijas Gāze” has gotten acquainted with the story “Rise in energy prices has secured record turnover and profit for “Latvenergo”” run on the LTV1 news show “Panorāma” of March 4 (hereinafter – the story) and in this regard announces the following.

At 3’40”, the story mentions the profit and turnover figures of the JSC “Latvijas Gāze” for 2022, publicly claiming that “the JSC “Latvijas Gāze” group made a profit of around 690 million EUR in Latvia last year and its revenue reached 39 million EUR”.

JSC “Latvijas Gāze” hereby stresses that the above information is incorrect. According to the JSC “Latvijas Gāze” group’s consolidated financial statements for 2022 published on March 3, 2023, the Company’s net profit is 39 million EUR and its turnover is 689.7 million EUR – 31% more than in 2021.

JSC “Latvijas Gāze”

Board

On the JSC “Latvijas Gāze”

Latvijas Gāze is one of the leaders of the Baltic energy industry.

Our goal is to consolidate the leading position of the Latvijas Gāze Group in the Latvian and Baltic energy market by becoming the customers’ first choice among natural gas suppliers and providing the most reliable natural gas supply for the entire region.

The wholesale and sale of natural gas to business customers is carried out in Latvia, Lithuania and Estonia. Following the opening of the Finnish gas market on January 1, 2020, Latvijas Gāze has successfully started natural gas trading in Finland as well. In the household segment, Latvijas Gāze is the biggest and most prominent natural gas trader in Latvia.

After Latvia regained its independence in 1991, a joint state-owned company “Latvijas Gāze” was established by merging the Latvian gas infrastructure and institutions. The privatisation of the company was commenced in 1997 and completed in 2002. Since February 15, 1999, the shares of the JSC “Latvijas Gāze” have been quoted on the Nasdaq Riga stock exchange. Taking into account the requirements of the European Union for the establishment of the natural gas market and the expiry of the privatisation agreement between the state and the shareholders of Latvijas Gāze, the unified transmission and storage operator JSC “Conexus Baltic Grid” was separated from Latvijas Gāze in early 2017, followed by the separation of the distribution system operator JSC “Gaso” on December 1, 2017.

Contact information:

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