On 22 December 1939, the State Electricity Enterprise “Ķegums” was founded – Latvenergo Group considers this date as its birthday. It is the beginning of the creation of a unified energy system with power and thermal energy plants, a wide electricity transmission and distribution network, ensuring electricity supply to clients all over Latvia. The electricity generated by the waters of the Daugava in the Ķegums, Pļaviņas and Riga hydropower plants grants Latvenergo Group an outstanding position in the common European green energy market, ensuring the generation of environmentally friendly electricity and its supply to clients in Latvia and other Baltic States.
The published photos are the property of Latvenergo AS.
In October, the first Daugava hydropower plant – Ķegums HES was launched, while in December the Latvian State President and Prime Minister K. Ulmanis signed the Law on Establishing the State Electricity Enterprise “Ķegums”. Latvenergo Group considers this date as its birthday.
Latvenergo was admitted into the International Council on Large Electric Systems. At that time, Latvenergo ensured the operation, renewal and development of 118 high voltage substations and 94 thousand kilometres of high voltage, medium voltage and low voltage electricity transmission and distribution network.
The 100th anniversary of the Andrejsala power station and the Rīgas elektrotīkls (Riga Electricity Network). On 11 May, a press conference devoted to the hundred years of the subsidiary Rīgas elektrotīkls was held at the Riga Congress Centre.
Foundation of Liepājas enerģija SIA – a producer, supplier and trader of electricity and thermal energy in the Liepāja region. Latvenergo owned a 51% share in the newly founded company.
The reconstruction of the Riga TEC-1 was finished, installing an environmentally friendly combined-cycle power unit. The capacity of the plant reached 142 MW.
The Latvenergo AS subsidiary Augstsprieguma tīkls AS was established.
The submarine cable Estlink – the first energy interconnection between the Baltic and Nordic States – was unveiled in Tallinn. It was a joint project by Latvenergo, Eesti Energia, Pohjolan Voima, Helsinkin Energia and Lietuvos Energija.
In Acone, Riga region, the foundation stone is laid for the commencement of the reconstruction of Riga TEC-2. The reconstruction of Latvenergo AS TEC-2 is the largest industrial investment project since Latvia regained its independence; it reduces Latvia’s dependence on imported energy and increases the efficiency of energy generation.
Latvenergo AS signed a contract with the Scandinavian electricity exchange Nord Pool Spot. Latvenergo AS was the first energy company in the Baltic States that became a direct participant in the electricity exchange.
Latvia opened the free electricity market to all customers. Latvenergo AS founded a subsidiary Latvenergo Kaubandus OU in Estonia and in 2008 – a subsidiary Latvenergo Prekyba UAB in Lithuania.
A legally independent distribution system operator Sadales tīkls AS started operation.
In Pārdaugava, Riga, a new 110/10 kV substation Zunda was commissioned, ensuring electricity supply and its security for existing and prospective customers in the Kurzeme suburb of the Riga City.
Latvenergo AS and the European Bank for Reconstruction and Development signed a loan agreement to fund the reconstruction of the second new power unit of the Riga TEC-2. The contract for reconstructing the power unit was signed with the company that won the tender – the Turkish company GAMA GÜC Sistemleri Muhendislik ve Taahhut A.S.
The annual knowledge competition for 8th and 9th grade schoolchildren eXperiments organized by Latvenergo Group was held for the 15th consecutive year. The competition is aimed at informing schoolchildren about safe and efficient use of electricity in everyday life, reducing the risk of electricity-related injuries.
Marking the generation of environmentally friendly green electricity, Latvenergo AS developed and started issuing to its customers an international quality certificate Powered by Green.
Latvenergo AS received the Silver category rating in the Sustainability Index measured for the first time in Latvia.
An additional water heating boiler was installed in Riga TEC-1, ensuring uninterrupted and guaranteed thermal energy supply to the residents of Riga on the right side of the Daugava.
The European Commission made a decision to financially support the construction of the electricity transmission infrastructure in Latvia, providing co-funding for the Kurzeme Ring project. The funds will be allocated within the framework of the NordBalt project envisaging the development of electricity lines and cross-border interconnections in the Baltics.
Latvenergo AS was recognized to be the 2nd largest producer of green energy in the European Union and the leader in the Baltics in terms of the lowest level of CO2 emissions per capita.
Latvenergo AS subsidiary company Latvijas elektriskie tīkli AS began operation. The company is the owner of 110/330 kV transmission and distribution system assets and conducts their management and operation.
Latvenergo AS presented an environmentally friendly vehicle – Fiat Fiorino Elettrico – at Cathedral Square in Riga. The company started using two such vehicles in its everyday work.
Latvenergo AS has achieved the sale of 7 TWh of electricity on the Baltic electricity market – an unrivalled record for the past 20 years.
Latvenergo AS was recognized to be the 2nd largest producer of green energy in the European Union, according to the EURELECTRIC power statistics report. According to this data, 57% of Latvenergo AS energy was generated from renewable sources. Latvenergo AS was also the Baltic leader in terms of the lowest level of CO2 emissions per capita.
Latvenergo Group was rated the second most attractive employer in Latvia in 2011 (the third in 2010), according to the study carried out by the recruitment and staffing company WorkingDay Latvia.
Latvenergo AS introduced a new trade mark Elektrum. Latvenergo AS market share in the Baltics was 32%.
The most technically complex stage of the Kurzeme Ring project was successfully completed – the laying of the Daugava crossing Mīlgrāvis – Bolderāja II 110 kV cable in the Daugava riverbed, which will allow to significantly enhance and stabilize electricity supply in Riga as well as to ensure a more secure connection of the networks and generation from the central part of Latvia to the Kurzeme Ring.
For the fourth year in a row, Latvenergo AS was acknowledged to be the most valuable Latvian company on the TOP 101 most valuable Latvian companies list prepared by Capital magazine in cooperation with Prudentia IBS and NASDAQ OMX Riga exchange. Latvenergo AS was the first state-owned company issuing bonds.
The first 330 kV and 110 kV high-voltage electricity line pylons in the framework of the Kurzeme Ring energy supply infrastructure project were installed in Ventspils municipality. The Kurzeme Ring is the first transmission system infrastructure project undertaken after Latvia regained its independence, and it will improve electricity supply and its stability in Kurzeme.
The President of the Republic of Turkey H.E. Abdullah Gül visited Riga TEC-2, where he was greeted by the top officials of the Ministry of Economy, the Chairman of the Management Board of Latvenergo AS Āris Žīgurs, as well as energy industry representatives. The total capacity of TEC-2 after reconstruction in 2013 will be approximately 832 MWel and thermal capacity – approximately 1120 MWth. The Riga TEC-2/2 will be the most advanced and efficient combined heat and power plant in the Baltic States.
Latvenergo AS received the Platinum category rating in the Sustainability Index, thereby acknowledging the company’s openness, transparency, responsibility and diverse socially responsible thinking and action. In 2012, Latvenergo AS received the Gold rating, in 2011 – the Silver rating.
Within the framework of the reconstruction of Pļaviņas HES, a second 330 kilovolt (kV) transformer weighing 147 tonnes delivered to the hydropower plant for replacing the current equipment. The capacity of Pļaviņas HES is planned to be increased by 13.5 MW.
Latvenergo AS ispartner of the XXV Nationwide Latvian Song Festival and XV Dance Festival.
A significant event during the 2nd stage of the construction of the Kurzeme Ring – the delivery of two new 330/110 kV autotransformers to Ventspils. The equipment weighing more than 100 tonnes was transported in several stages from Poland.
To improve transparency of electricity mandatory procurement administration, according to ammendments in legislation, Enerģijas publiskais tirgotājs AS, a subsidiary of Latvenergo AS, was established on 25 February 2014, which took over the mandatory procurement administration functions from Latvenergo AS on 1 April 2014.
On June 19, Latvenergo AS signs the agreement with energy exchange Nord Pool Spot. The agreement provides opportunities to purchase and supply generated electricity and improve greater liquidity and transparency in the market.
On 27 August 2014, 330 kV electricity transmission line connection Grobiņa–Ventspils of the Kurzeme Ring project – was commissioned thus completing the second stage of the Kurzeme Ring project. As a result of the project implementation safety in Kurzeme region and in Latvia as whole has significantly increased enabling future opportunity to use the Lithuania–Sweden marine cable NordBalt and access to the Nordic electricity market.
As of 1 January 2015, the electricity market is open for households in Latvia, completing the electricity market liberalisation in the country.
Upgrade of the Group's credit rating from Baa3 to Baa2 in early 2015 by the international credit rating agency Moody’s Investors Service. The rating agency indicates the stable outlook of Latvenergo AS and its economic significance.
Latvenergo AS is the first state-owned company in Eastern Europe to enter the capital market with green securities. The amount of the issue in 2015 in EUR 75 million. The funds raised from the bond issue are invested only in projects compatible with green thinking, promoting the use of renewable energy sources, energy efficiency and environmental protection. Since July 1, the green bonds are listed on the bond list of Nasdaq Riga exchange. Welcoming Latvenergo AS with the first green bond listing on the Baltic Bond List, the Nasdaq Stock Exchange placed Latvenergo AS logo and a greeting on its billboard in Times Square, New York.
Latvenergo Group is an active member of The Baltic Institute of Corporate Governance (BICG) since the very onset of its operations, engaging in the activities and training and assisting with the development of the corporate governance guidelines for Baltic companies. With the launch of the BICG Latvia Office in August 2015, the Group has become a Development corporate member of BICG, thereby promoting the development of best corporate governance practice in Latvia.