Latvenergo, Latvia's state-owned energy company will invest EUR 200 million to rebuild all hydroelectric power plants in Latvia, according to Maris Kunickis, the company’s production manager.
Kunickis said that Latvia has three hydro power plants in Plavinas, Kegums and Riga that will be reconstructed by 2022, Lithuanian state-run news agency LETA reports.
'For the next 40 years we will save money and energy by replacing all hydraulic components at the plants,' he said.
Additionally, Latvia plans to improve the production volumes of the plants by 2 to 4 percent.
Latvenergo posted a profit of almost EUR 30 million and one billion euro in revenue in 2014.
In Latvia, renewables account for more than a third of the country's total energy consumption.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr