News

Chairman of the Management Board Mārtiņš Čakste and Chairman of the Supervisory Board Aigars Laizāns of Latvenergo AS are participating in the Latvian government and business delegation’s visit to the United States. Under the leadership of Minister for Economics Viktors Valainis, a delegation of Latvian entrepreneurs has arrived to Washington to participate in one of the largest defence industry exhibitions, the "AUSA Annual Meeting & Exposition", as well as the Latvian American Chamber of Commerce (LACC) conference "Spotlight Latvia".

Elektrum group’s growth as a Baltic-scale company and its cooperation potential to be presented at the "Spotlight Latvia" conference by Mārtiņš Čakste, who will introduce the latest energy projects, potential cooperation with the USA and global businesses, as well as the development of data centres and production facilities in the Baltics requiring stable and environmentally friendly electricity.

Mārtiņš Čakste: "The growing need for secure cloud data infrastructure, as well as the expansion in the sphere of artificial intelligence, cloud computing and cybersecurity, has created long-term demand for secure energy. We wish to take advantage of this opportunity, as in cooperation with our partners we can reach strategic positions in the field of digital solutions and data storage services."

Latvenergo has significantly improved its renewable energy portfolio and diversified its business activities with a view to implementing renewable energy (RES) projects within the Baltics of 1,200 MW in total and to developing additional new capacity of up to 2,300 MW after 2030. Ambitious investments are planned to achieve these goals – EUR 530 million in 2024, EUR 900 million in 2025 and up to EUR 5 billion over a ten-year period.

Latvia’s energy sector has a high share of renewables in the overall balance, which until now has been ensured by three large hydropower plants; however, solar and wind power plants are now being added. Latvia is the best supplied with base capacity among the Baltic States, provided by both natural gas power plants and hydropower assets. Strategic gas reserves are located in Latvia, including the Inčukalns underground gas storage facility (also suitable for hydrogen storage) with a capacity of 2.3 billion cubic metres (29% owned by the Marubeni fund), which stores sufficient energy reserves obtained from Western suppliers. In recent years, since the complete cessation of gas imports from the aggressor state Russia, Latvia has received 100% of its liquefied natural gas (LNG) via Klaipėda (Lithuania) and Inkoo (Finland) terminals, with 80% of LNG supplied from the United States of America.

Elektrum as the brand of Latvenergo operation in the region has strengthened its position and expanded its client portfolio also in the sphere of microgeneration, introducing product innovations and developing the electric vehicle charging network. Elektrum will supplement the Baltic electromobility network by 3,000 new charging points in the coming years.

In February 2025, Latvenergo AS received the award for the best investor relations among all bond issuers for the fourth time on the Nasdaq Baltic regulated markets of the Baltic stock exchanges. Since 2012, their bonds issuer rating among investors has remained consistently high.