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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 a vertically integrated power supply utility operating in electricity and thermal energy generation and supply, electricity distribution services and transmission system asset management.

    Latvenergo Group comprises the parent company Latvenergo AS and six subsidiaries. All shares of Latvenergo AS are owned by the State and they are held by the Ministry of Economics of the Republic of Latvia.

  • Employees

    As at the end of 2016, Latvenergo Group employs 4,131 employees, 1,472 of which work for Latvenergo AS.

    Principles on remuneration policy are designed with the objective of maintaining motivating and competitive remuneration while ensuring rational use of financial resources. The main principles of the remuneration policy are:

    • Remuneration of an employee depends on his qualification, experience, skills, attitudes and investments toward  achievement of the company goals;
    • Individual  objectives/tasks of an employee are linked to the achievement of the company goals;
    • Compensation of employees is designed and maintained  to align it with the compensation level in the labor market.

  • Financial figures


     

    Latvenergo Group Unit 2015 2016
    Revenue MEUR 929 932
    EBITDA 1) MEUR 307 393
    Profit MEUR 85 131
    Assets MEUR 3,517 3,901
    Equity MEUR 2,097 2,419
    Net debt2) MEUR 693 608
    Net debt /EBITDA ratio3) MEUR 2.3 1.7

    1) EBITDA – earnings before interest, income tax, share of result of associates, depreciation and amortisation, and impairme
    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 ratio –Net debt/ EBITDA

    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 2015 2016
    Retail electricity supply GWh 7,869 7,580
    Market share in the Baltics % 32 30
    Retail customers thousands 865 855
    Thermal energy supply GWh 2,408 2,675
  • Technical parameters

     

    Latvenergo Group Unit 2015 2016
    Installed electrical capacity MWel 2,569 2,569
    Installed thermal capacity MWth 1,844 1,842
    Distribution:
    line length
    transformer

    km
    MVA

    94,120
    5,881

    93,813
    5,892
    Transmission:
    line length
    transformer capacity

    km
    MVA

    5,251
    8,927

    5,237
    8,950
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