Year of establishment
22 December 1939 is a significant day in the history of energy sector in Latvia. On this day, the State Electricity Enterprise “Ķegums” started operation. We celebrate this day as the birthday of Latvenergo AS.
Latvenergo Group is one of the largest power suppliers in the Baltics. It operates in electricity and thermal energy generation and trade, electricity distribution services and the lease of transmission system assets.
Latvenergo Group comprises the parent company Latvenergo AS and six subsidiaries:
- Sadales tīkls AS
- Elektrum Eesti OÜ
- Elektrum Lietuva UAB
- Latvijas elektriskie tīkli AS
- Liepājas enerģija SIA
- Enerģijas publiskais tirgotājs AS
All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.
As of the end of 2018, Latvenergo Group employed 3,508 people.
The principles of remuneration policy are designed to maintain motivating and competitive remuneration while ensuring rational use of financial resources. The main principles of the remuneration policy are:
- Employee remuneration depends on their qualifications, experience, skills, attitude and contribution towards achievement of the company goals;
- Individual employee goals/tasks are linked to the achievement of the company goals;
- Employee remuneration is designed and maintained to align it with the remuneration level in the labour market.
Latvenergo Group Unit 2017 2018 Revenue MEUR 926 878 EBITDA 1) MEUR 542 322 Profit MEUR 322 76 Assets MEUR 4,416 3,799 Equity MEUR 2,847 2,320 Net debt2) MEUR 591 685 Net debt /EBITDA 3) MEUR 1.1 2.0
1) EBITDA – earnings before interest, income tax, share of result of associates, depreciation and amortisation, and impairment of intangible assets and property, plant and equipment
2) Net debt – borrowings at the end of the period minus cash and cash equivalents at the end of the period
3) Net debt/ EBITDA – (net debt at the beginning of the year + net debt at the end of the year) * 0.5/ EBITDA (12-months rolling)
The international rating agency Moody’s Investors Service has assigned Latvenergo AS credit rating Baa2 (stable).
Latvenergo Group Interim financial reports are published quarterly. More information in section Investors/Reports
Latvenergo Group Unit 2017 2018 Market share in the Baltics % 25% 25% Retail customers thousands 834 789 Retail electricity supply GWh 6,923 6,954 Retail natural gas supply GWh 33 147 Thermal energy supply GWh 2,612 2,274
Latvenergo Group Unit 2017 2018 Installed electrical capacity MW 2,583 2,591 Installed thermal capacity MW 1,842 1,838 Distribution: