Latvia's national electricity company Latvenergo imported 1,01 gigawatt hours (GWh) of electricity from abroad during the first quarter of this year, up from 111 GWh over the same period last year, due to cold weather and spring floods that fuel the company's hydroelectric power plants.
Latvnergo President Karlis Mikelsons said that exports during the first quarter dropped nearly 100 percent over last year
Mikelsons said that Latvenergo may fail to reach its forecast profit of 10 million lats (15.4 million euros) for the year, adding that "if things don't change, then a profit of only 3 million to 4 million lats is likely."
Latvenergo officials said that the company spent 12.4 million lats on imports in the first quarter this year, 8.7 million lats more than in the same period last year.
Electric and thermal power sales were up in the first quarter, reaching 1,515 GWh of energy - 120 GWh more than the first quarter last year.
Thermal energy sales were also up 16 percent because of the colder winter and totaled 1,331 GWh.
In the first quarter this year Latvenergo produced 799 GWh of electricity, down 991 GWh on the first quarter last year. Electricity bought from independent producers totaled 85 GWh, 20 GWh more than last year.
Latvenergo posted profits of 5.8 million lats in the first quarter on a net turnover of 59.8 million lats. Latvenergo posted an unaudited operational profit of 12.48 million lats last year with revenues of 193 million lats.
Mikelsons also blamed the drop in financial results on the weather.
"Our largest costs that affected profits were solely due to low production at the hydroelectric plants on the Daugava because of the low water level in the river," he said."
"We did and will do everything we can to improve the company's performance, but we cannot control the weather," he added.