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  • 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.

  • Business field

    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.

  • Employees

    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.
  • Financial figures


     

    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

  • Operational figures

     

    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
  • Technical parameters

     

    Latvenergo Group Unit 2017 2018
    Installed electrical capacity MW 2,583 2,591
    Installed thermal capacity MW 1,842 1,838
    Distribution:
             line length
             transformer capacity

    km
    MVA

    93,560
    5,913

    93,175
    5,930
    Transmission:
             line length
             transformer capacity

    km
    MVA

    5,240
    9,021

    5,243
    9,165
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