Farm party calls on Latvenergo to help flood victims

Latvia's Farmers Union (LZS) has released an official statement calling on the state-owned joint-stock power utility Latvenergo not to waste money on bonuses, but to pass funds on to farmers who have suffered losses due to the flooding in Jelgava District. LZS notes that Latvenergo's profit of more than LVL 20 million last year was not due to the company's proxies and council members, but because of last year's rainy summer, which hampered farmers receiving feed for cattle on time. "This year Latvia's farmers are again in a desperate situation due to rain, especially farmers in Zemgale. It is rain again that will provide supplemental income for energy producers this summer," says the statement. LZS said the money should not be squandered on undeserved bonuses. The energy company must share with the farmers who have suffered due to the flood. According to Latvenergo officials, climatic conditions in 2000 were not predictable. The company's proxies said that the rainy summer had a positive effect on the company's operations, while the warm winter had a negative impact. Latvenergo, which has a monopoly on the country's energy supply, posted LVL 166,088 million in turnover last year, and LVL 20.142 million in audited profit. The company's management was to receive hefty bonuses for the company's outstanding performance last year. However, these were blocked by the economy minister and it is not yet clear how large the bonuses will actually be.