Operating segments

Generation and Trade

Generation of electricity and thermal energy, electricity and natural gas trade, sale of products and services related to electricity consumption and energy efficiency  in the Baltic states, and administration of the mandatory electricity procurement process in Latvia.


The distribution service ensures the flow of electricity from the transmission network to consumers. Sadales tīkls AS is the country’s largest distribution system operator and covers approximately 99% of the territory of Latvia. Distribution system service tariffs are approved by the Public Utilities Commission (PUC). 

More information on Sadales tīkls AS webpage www.sadalestikls.lv.


Data as of 31.12.2023






Countries of operation

5,132 GWh

Electricity output

1,698 GWh

Thermal energy output


Electricity output from renewable energy

2,034 MEUR


351 MEUR

Net profit

4,127 MEUR


193 MEUR


Baa2 (stable)

Credit rating


Electricity market share in the Baltics


Retail customers

6,208 GWh

Retail electricity supply

896 GWh

Retail natural gas supply

1,622 GWh

Thermal energy sold

2,636 MW

Installed electrical capacity

92,323 km

Length of distribution lines

5,969 MVA

Transformer capacity

1,797 MW

Installed thermal capacity

Mission. Vision. Strategy

We energize the growth of society!

It is in our hands to take care of our customer today, meanwhile considering the impact on our future generations. We are well aware that natural resources are scarce, thus we are already looking for solutions to handle and utilize them wisely. We want to see a world in which every move is initiated by sustainable energy. We believe that you get what you give – as the energy always transfers from one form to another. Therefore, by transforming the power of nature into energy, we help to start the movement of growth for all of us! With the support of innovation, we make our services sustainable and suitable for everyone's needs, encouraging others to change their habits and grow, as well as to stand up for the wellbeing of our society.

Latvenergo Group sustainable growth strategy Strategy (infographic)


We are the leading sustainable solutions provider in the energy industry.


We drive the development of the energy industry by providing friendly, innovative and sustainable solutions


We are open and passionate


We do the right things and continuously learn


We are brave and persistent


We do good for the clients and society


Adding value

By improving existing services and developing new products, Latvenergo with its Elektrum brand becomes the most valuable trader in the Baltics.

Our customer base and satisfaction continues to grow.

Example of results: Elektrum as a strategic leader in microgeneration, electric charging, electrification.


Green generation

Increasing the generation capacity to such an extent that by 2030 the domestic energy consumption of Latvia would be fully covered by the energy of nature — water, solar and wind.

This will significantly contribute to the energy independence of our country.

Example of results: Implementation/acquisition of domestic and overseas renewable energy projects with 600 MW capacity during the strategy period.


Delivering safely and efficiently

Reducing the frequency and duration of power outages, ensuring uninterrupted, safe and reliable energy supply.

Developing a smart grid where producers and consumers share information, ensuring smarter energy consumption.

Example of results: Infrastructure for the creation of public electric charging points and microgeneration, preventing more than 200 thousand tonnes of CO2 emissions.


Changing the role of energy

Integrate households and companies generating their own energy using solar panels in the energy market.

Promote sustainable and smart mobility based on a wide electric vehicle charging network throughout the Baltic states.

Example of results: 1,200-1,500 public electric charging ports in the Baltics.


Return on equity excluding distribution > 7%

Capital Structure

Ratio between adjusted funds from operations and net debt > 25%

Dividend Policy

Dividend payout ratio> 64%

Credit Rating

To maintain an investment grade credit rating

Organisational structure and governance

Latvenergo Group comprises the parent company Latvenergo AS and six subsidiaries. Latvenergo AS ensures generation and trade of electricity and thermal energy as well as trade of natural gas.  Sadales tīkls AS ensures electricity distribution to each customer. Elektrum Eesti OÜ and Elektrum Lietuva UAB conduct electricity trade in Estonia and Lithuania respectively. Enerģijas publiskais tirgotājs AS carries out administration of electricity mandatory procurement.   Latvijas vēja parki SIA, a joint venture of Latvenergo AS and Latvijas valsts meži AS, aims to develop wind parks of strategic importance.

Liepājas enerģija SIA (51% of shares) ensures generation, transmission, distribution and supply of thermal energy in the city of Liepaja as well as generation of electricity in cogeneration mode. Latvenergo AS also holds 46.3% of the shares in the closed pension fund Pirmais Slēgtais Pensiju Fonds AS, as well as 0.005% of the shares in Rīgas siltums AS.

For more information about the governance of Latvenergo Group, see section  Investors/Corporate governance.

The Management Board of Latvenergo AS

The Management Board of Latvenergo AS was elected  for a five-year term. The Management Board consists of five members:

Mārtiņš Čakste

Chairman of the management board,
Chief Executive Officer

Dmitrijs Juskovecs

Member of the management board,
Chief Commercial Officer

Guntars Baļčūns

Member of the management board,
Chief Financial Officer

Harijs Teteris

Member of the management board,
Chief Operating Officer

Ilvija Boreiko

Member of the management board,
Chief development Officer

The Supervisory Board of Latvenergo AS

The Supervisory Board of Latvenergo AS was elected at the Shareholders' Meeting of Latvenergo AS on 10 June 2020. 

Aigars Laizāns


Kaspars Rokens


Toms Siliņš


Gundars Ruža



The most valuable energy company

Latvenergo AS was ranked as the second most valuable company in Latvia in the TOP 101 most valuable companies in Latvia. Latvenergo AS was recognised as the most valuable energy company for the fifth time in the TOP 30 most valuable companies in the Baltics.

Diamond category in the Sustainability Index

In the Sustainability Index of 2022, Latvenergo AS achieved the Diamond category. Subsidiary Sadales tīkls AS received the Platinum category and special award Innovation leader 2022.

Best investor relations

At the beginning of 2023, Latvenergo AS received the Nasdaq award for best investor relations on the bond market in the Baltic states for the third time.

Stakeholder Engagement Practitioner

Latvenergo AS received an award from the Latvian Corporate Governance Advisory Board in the category Stakeholder Engagement Practitioner.

Several awards in the TOP 500 Companies of Latvia

Latvenergo AS was recognised as the largest state-owned company, the largest energy company and the third largest EBITDA earner in the TOP 500 Latvian Companies. Sadales tīkls AS was rated as the third largest energy company and the third largest state-owned company.

Family-Friendly workplace

Latvenergo AS was granted the status of a Family-Friendly Workplace by the Society Integration Fund until 3 June 2025.

Awards to the fleets of Latvenergo Group and Sadales tīkls AS

In its anniversary year, the Safest Company Fleet competition honoured the top-ranked fleets from the previous decade. Latvenergo AS received the Diamond Award of the Decade and a special award from the Ministry of Transport of the Republic of Latvia. The Recognition Award was also conferred to Sadales tīkls AS.

Sustainable brand

In the European Sustainable Brands Index, the brand Elektrum of Latvenergo AS was recognised as the second most sustainable brand in Latvia.



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.


To ensure centralized supply of thermal energy to Riga in the cold months, the Riga TEC-1 started operation. The 2nd phase was completed in 1959, achieving an electric capacity of 129 MW.‎