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Due to the reorganization of JSC "Rīgas siltums" (RS) and the transaction with SIA "Riga BioEnerģija", a significant increase in thermal tariffs in the capital is possible, warns the Ministry of Economy ( EM).
It stresses that the RS project to support a credit of 24.5 million euros for SIA Rīgas BioEerģija and to recover nine million euros invested in two boilers will probably require that the company increases the price of heat in Riga. In addition, after such a reorganization, it will be difficult to understand how the return of the investment boilers in Rencenu Street and Vietalvas Street is going on. Thus, on May 5, RS will not support the resumption of Riga BioEnerģija's commitments at the SAR Council meeting on Thursday, July 5.
"The operational performance of SIA" Riga BioEnerģija "for the first months of this year could also increase.This confirms that the business plan of the investment project was previously optimistic, without taking into account the risks high competition – the existing competition in the heat production in the territory of Riga and the variable prices of raw materials, "writes EM.In this way," there is a significant risk "to recover about nine million euros Invested in Investment
BACKGROUND:
2017. In December, RS announced that it would use pre-emption rights and acquire 50% of the shares of SIA Rīgas BioEerģija, thereby becoming The company previously decided not to use the pre-emptive rights
However, EM – as a shareholder of RS – has indicated that the amount of the proposed action of about 25% is greater than the amount sold by SIA "Energy Solution.RIX" in June 2017 SIA "Rīgas BioEerģija" 50% of shares
EM recalled that at the meeting of the Board of RS on June 7, 2017, the possibility of using pre-emption rights on SIA "Riga BioEnerģija" for 50% of the shares was considered for the first time. the decision was not to use pre-emption rights because of the need to reduce business risks.
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