Riga, March 9 (LETA) - Turnover of the Rigas Siltums group in the first quarter of the financial year or from October 1, 2025, to December 31, 2025, was EUR 81.036 million, which is 1.3 percent more than in the corresponding period a year earlier, while the Group's profit increased by 9.7% and reached EUR 14.901 million, according to the information published by the company.

The turnover of the parent company Rigas Siltums in the corresponding period was EUR 81.032 million, an increase of 1.3 percent, while the company's profit rose by 46 percent to EUR 12.419 million.

In the management report, the increase in revenue is explained by the increase in energy prices, which led to an increase in the tariff for heating supply services.

Revenue from electricity sales in the first quarter of the financial year amounted to EUR 0.8 million, which is 1 percent of the group's total net turnover and 3.6 times more than in the corresponding period a year earlier.

In the first quarter of the financial year, Rigas Siltums transferred 1,111 gigawatt hours (GWh) of heating energy to the grid, which is 5 percent or 56,000 megawatt hours (MWh) more than in the corresponding period a year ago. In turn, the group generated a total of 8,600 MWh of electricity, which is 3.6 times more than in the corresponding period of the previous financial year. The increase in electricity production is explained by the fact that the cogeneration unit of Ziepniekkalns heating plant was under repair in the first quarter of the previous financial year.

The management explained in the report that the decrease in the amount of heating transferred to the grid was mainly due to lower outdoor temperatures than in the previous year.

997,000 MWh of heating were delivered to consumers, an increase of 5 percent or 49,000 MWh compared to the first quarter of the previous financial year.

The company provided 45 percent of the total amount of heating delivered to Riga district heating networks, while the remaining 55 percent of the required amount of heating was purchased from other producers. On the basis of contracts with heating producers, the group carried out weekly purchases in compliance with the principle of economic progressivity as laid down in the Energy Law.

During the first three months of the financial year, an agreement was concluded with Latvenergo, which is the dominant producer of heating energy in the Riga City Daugava right bank heat supply system. The agreement provides for Latvenergo to sell 120 megawatts (MW) of non-competitive capacity at a discounted price below the company's tariffs set by the Public Utilities Commission (SPRK). This was made possible by an analysis of heating consumption over the past years and the conclusion that it is possible to provide Latvenergo with a constant load of 120 MW, which is the minimum load of the CHP unit of CHP-2. The duration of the agreement is from November 15, 2025, to March 14, 2026.

During the first three months of the financial year, 298 000 MWh of heating were purchased on the daily market, representing 39 percent of the total amount of heating purchased during the period.

On October 1, 2025, a tariff for heating supply services of EUR 83.01 per MWh entered into force, representing an increase of 12 percent compared to the previously applicable tariff.

As reported, in the first quarter of the previous financial year, which ran from October 1, 2024, to December 31, 2024, Rigas Siltums group posted a turnover of EUR 80.005 million and a profit of EUR 13.579 million. In the first three months of the previous financial year, Rigas Siltums turnover was EUR 80.008 million and its profit was EUR 8.504 million.

Rigas Siltums group also includes Riga BioEnergija.

Rigas Siltums is one of the main suppliers of heating energy in Riga. The company's capital is 49 percent owned by the Riga City Council, 48.99 percent by the Latvian state, 2 percent by Enegijas Risinajumi. RIX, and Latvenergo holds 0.005 percent of the shares.