In 12 months of 2011, The Joint Stock Company “Latvijas Gāze” (hereinafter – LG) sold to the consumers 1, 56 billion m3 of natural gas. In comparison with the respective period of 2010, natural gas sales decreased by 13% due to the relatively high air temperature in the 4th quarter of 2011 as well as investments by heat supply companies in the use of renewable energy resources and a partial replacement of fossil fuels with woodchip.

The gas injection season at the Inčukalns Underground Gas Storage Facility began on April 26, 2011 and was completed on October 18, 2011, reaching the active gas volume of 2.3 billion nm3 at the end of the injection season.

Over 12 months of 2011, the consumers were sold natural gas and provided services for LVL 353 million, which is as much as in the respective period of 2010.

Despite the reduced consumption, the income did not change year-on-year as the industrial and residential customers in 2011 were applied differential natural gas sale end-user tariffs corresponding to a natural gas sale price, which was 10 % higher than in 2010.

LG completed 12 months of 2011 with a profit of LVL 27.2 million, which is 2.6% higher than in the respective period of 2010 when the profit amounted to LVL 26.5 million.

Within the framework of the capital investment programme, LVL 20 million of investment funds were spent over 12 months of 2011, mostly on the renovation of gas transmission pipelines, the modernization of technological equipment and wells and the construction of new gas pipelines.

Vinsents Makaris
Phone + (371) 67 369 144
E-mail: IR@lg.lv