OREANDA-NEWS. June 28, 2010. Thanks to successful export deals, the annual profit of Latvenergo AS in 2009 reached 20 million that is to be transferred as dividends to the state budget.

On Monday, at the June 7 meeting of Latvenergo AS shareholders, a decision was made to pay out as dividends the entire profits of Latvenergo AS for 2009, namely, 20.2 million lats.

Full payment of profit as dividends is provided by Regulation No. 1471 “Procedure of determining and contributing part of profits to the budget of the state for the use of state capital” of 15 December 2009 and the Law on the 2010 State Budget. Therefore, for the second year in a row, 100% of the profits of Latvenergo AS will be transferred to the state budget.

As noted earlier, the 2009 results have been achieved mostly thanks to successful electricity trade transactions and mostly outside Latvia. Last year, the electricity production level was maintained due to water resources: the inflow in the Daugava was considerably larger than the annual average, particularly at the end of the year – in November and December.