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Latvenergo AS starts trading electricity to Lithuanian households under its trading brand Elektrum. The company starts operations in the segment of private customers, it has already a long-term experience in the segment of business customers in the neighbouring country, as in 2019 Elektrum was the leading electricity trader in Lithuania with the largest number of business customers served. In addition, last year trading of solar panels was successfully developed in the neighbouring country making this a successful export of a Latvian service to the neighbouring country. Expansion into new markets and development of new products and services all over the Baltics is a strategic goal of Latvenergo Group. 

Opening of the Lithuanian household market to free competition is an event, which Baltic electricity market players have been waiting for several years. The Latvian household electricity market opened in 2015, the Estonian market – in 2013 and we are currently glad that Lithuanian household customers will also have an opportunity benefit from a free and competitive market.

Uldis Mucinieks, Sales Director of Latvenergo AS: “The opening of the market in Lithuania, unlike the Latvian experience, will be gradual: the customer segment with highest electricity consumption will be opened for competition in 2021, while other customer segments will be added in 2022 and 2023. This is not a usual opening scenario, and we therefore adapt our strategy accordingly. We have already started to attract customers in conditions of a regulated market, and the first 200 households have already chosen Elektrum as their electricity supplier, and their numbers keep growing every day. Thereby, as we gradually gain experience, we will improve our offer and are expecting to have higher market activity in the last quarter of this year.”

Latvenergo has been present in the Lithuanian market with its Elektrum brand for over 10 years becoming the largest electricity trader in the Lithuanian segment of business customers serving about 7,400 companies. Almost 200 companies are already being served in the natural gas trading sector, as well as projects for installation of 270 solar panels were implemented in the last 2 years and their numbers keep growing every week.

Martynas Giga, Director of Elektrum Lietuva: “By starting operations in the household segment, we continue to strengthen our positions in the Lithuanian market. We have always been active in acquiring new markets and we believe that many years of our experience in generation of electricity and trading in all the three Baltic countries will be a good starting point as we start operating in the household segment of the market.”

Latvenergo Group is one of the largest providers of energy supply services in the Baltic market, which currently operates in all energy trade segments in Latvia, Lithuania and Estonia. In 2019, Latvenergo Group supplied 6,505 GWh of electricity in retail. The amount of electricity sold outside Latvia accounts for 1/3 of the electricity sold in retail, and we have more than 35 thousand customers outside Latvia. The number of natural gas customers in the Baltic countries has grown, and Latvenergo Group’s market share in the Baltic solar panel market is approximately 8%.