At the Baltic Gas Market Forum, happening within the framework of the Baltic Energy Forum on June 2 of this year, the participants of the regional gas market discussed the current issues and challenges of the natural gas market.
In 2020, Latvijas Gāze group succeeded in attaining a positive result despite the challenges brought on by the market conditions. The Group’s net turnover in 2020 reached 190.5 million EUR, EBITDA amounted to 26.5 million EUR. The Group’s net profit for 2020 was 11.2 million EUR.
In order to provide financing for the purchase of natural gas for the next two natural gas injection seasons, Latvijas Gāze has entered into a new credit line agreement with the Latvian branch of OP Corporate Bank plc, thus continuing their cooperation.
The first half of 2020 has brought even more dynamic and challenging environment for the world and the energy industry. Mild temperatures, the lockdown measures connected to the spread of the coronavirus and low natural gas price levels were the key factors shaping the operating environment of the Latvijas Gāze.
On 1 January 2020, the Estonian-Finnish natural gas interconnector Balticconnector, a bidirectional gas pipeline that connects the natural gas infrastructures of both countries, has entered into commercial use.