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    GZE1R   LV0000100899

AS LATVIJAS GAZE

(GZE1R)
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Delayed Nasdaq Riga  -  08:09 2022-10-03 am EDT
7.500 EUR   -0.27%
09/23Changes in the composition of Audit Commitee of joint stock company "Latvijas Gāze"
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09/23Changes in the composition of Audit Commitee of joint stock company "Latvijas Gāze"
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09/23Latvijas Gaze Announces Juris Lapše Leave Position of Audit Commitee Member
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Gazprom's Latvijas Gaze says can't meet Latvia's gas storage goal

08/10/2022 | 11:36am EDT

OSLO, Aug 10 (Reuters) - Latvian gas trader Latvijas Gaze , partly owned by Gazprom, said it was unable to supply enough gas for Latvia to meet an Aug. 31 goal on filling storage and said the responsibility lay with the country's state utility.

While the European Union has told its member states to fill gas storage to 80% full by Oct. 1 to try to ward off a shortage of fuel over the peak demand winter months, Latvia also has a national requirement for public gas suppliers to store enough gas for households.

The parliament set the requirement last month and at the same time enacted a ban on gas imports from Russia effective from the start of 2023.

Latvijas Gaze, which buys most of its gas from Russia under long-term contract with Gazprom, said on Wednesday it would not be able to meet the Aug. 31 deadline and that state utility Latvenergo should by law assume responsibility for supplies.

Latvia's government said, however, the nation had enough natural gas in storage to meet households' needs for the upcoming heating season, the BNS news agency reported.

It said it had reserved for domestic use natural gas held by Latvijas Gaze at the country's underground Incukalns storage, and that, together with other supplies, this would be sufficient, BNS reported.

Latvenergo separately told BNS it had the capacity to take over Latvijas Gaze's portfolio of some 350,000 households.

Latvijas Gaze is the largest supplier of gas to households in the Baltic state with a population of 1.9 million, and it also trades gas in neighbouring Lithuania and Latvia, as well as in Finland.

Russia's Gazprom is Latvijas Gaze's largest owner with a 34% stake, followed by infrastructure investment fund Marquerite Gas II with 28.97% and Germany's Uniper with 18.26%.

Latvia's Incukalns gas storage, which has capacity to store up to 21.8 TWh (terawatt-hours) of gas, is 54.3% full, according to Gas Infrastructure Europe.

The largest consumers of natural gas in Latvia are combined heat and power plants, district heating companies and industries. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik and Barbara Lewis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AS LATVIJAS GAZE -0.27% 7.5 Delayed Quote.-29.72%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 2.31% 0.64725 Delayed Quote.-4.60%
BRITISH POUND / SWISS FRANC (GBP/CHF) 2.40% 1.12395 Delayed Quote.-10.77%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 1.83% 0.72788 Delayed Quote.-1.15%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.92% 0.139701 Delayed Quote.-3.60%
DANISH KRONE / SWISS FRANC (DKK/CHF) 0.99% 13.056 Delayed Quote.-7.10%
EURO / SWISS FRANC (EUR/CHF) 1.01% 0.9748 Delayed Quote.-6.73%
GAZPROM 0.04% 198 End-of-day quote.-42.32%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) 0.76% 12.647 Delayed Quote.7.43%
INDIAN RUPEE / SWISS FRANC (INR/CHF) 0.88% 0.012194 Delayed Quote.-1.33%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.84% 0.6855 Delayed Quote.-13.99%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 2.60% 0.56823 Delayed Quote.-11.51%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) 4.91% 0.017151 Delayed Quote.34.53%
S&P GSCI NATURAL GAS INDEX -4.20% 303.4929 Real-time Quote.81.39%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 1.08% 0.6938 Delayed Quote.1.58%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 1.58% 0.090123 Delayed Quote.-11.97%
UNIPER SE 0.20% 3.914 Delayed Quote.-90.66%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.65% 58.625 Delayed Quote.-21.17%
US DOLLAR / SWISS FRANC (USD/CHF) 0.76% 0.9929 Delayed Quote.8.21%
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Financials
Sales 2021 584 M 573 M 573 M
Net income 2021 3,24 M 3,18 M 3,18 M
Net Debt 2021 50,2 M 49,2 M 49,2 M
P/E ratio 2021 132x
Yield 2021 -
Capitalization 299 M 294 M 293 M
EV / Sales 2020 2,04x
EV / Sales 2021 0,82x
Nbr of Employees 1 018
Free-Float 2,03%
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Kirill Gennadievich Seleznev Chairman-Supervisory Board
Juris Savickis Vice Chairman-Supervisory Board
Matthias Kohlenbach Member-Supervisory Board
Elena Vladimirovna Mikhailova Member-Supervisory Board
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