Announcements

Latvenergo AS has prepared and publishes an informative presentation about Latvenergo Group, providing current information about the organizational structure, strategy, operating segments and financial indicators of the Group.

Latvenergo Group's presentation

The Medium-Term Operational Strategy of the Group for 2022–2026 aims to increase the share of renewable energy sources (RES) in electricity generation, complementing the existing generation capacity with 600 MW of new wind and solar power plants capacities. Around 400 MW of the mentioned capacities are currently in the design or construction phase, with gradual commissioning expected in 2024–2025. The development of such capacity will help prevent future electricity price hikes and strengthen the energy independence of Latvia and the Baltic region as a whole. Additionally, this will lead to a significant reduction in greenhouse gas emissions and contribute to Latvia’s goal of achieving climate neutrality by 2050.

The Sustainability Strategy of the Group was approved at the end of 2023 and complements the medium-term operational strategy with objectives and targets in environmental, social and governance areas.

The total investment of the Group in 2023 increased by 59 % to EUR 193 million. Almost EUR 60 million was invested in RES projects. Meanwhile, approximately half of the investments of the reporting year were made with the objective of improving the reliability and quality of electricity distribution. The reconstruction of the Daugava hydropower plants hydropower units was also in progress, with 8 reconstructed hydropower units already put into operation in recent years.

The electricity generated by the Group accounted for one third of the electricity generated in the Baltic states, and 73% of the electricity was generated from renewable energy sources. Since the inflow of water into the Daugava River significantly exceeded the inflow of 2022, the Daugava HPPs generated the second highest amount of electricity in the last 25 years - 39% increase from 2022, that at the same time, accounts for 54% of Latvia’s consumption. In 2023, the output of the combined heat and power plants of Latvenergo AS also increased by 23% year-on-year due to lower natural gas prices.

In 2023, the market share of Latvenergo Group in the electricity market of the Baltic states has increased by 3 % compared to the previous year, reaching 23%. The growth trend was also observed in the Group's number of natural gas customers in the Baltics, which has more than doubled compared to 2022. On 1 May 2023, the Latvian household natural gas market was opened, and by the end of 2023 the share of Latvenergo Group's household customers reached 13%.

During the reporting year, the construction of solar parks for customers continued actively. The total installed capacity of solar panels in the Baltics for the retail customers of Latvenergo Group reached 74 MW, making Latvenergo one of the leading providers of this service in the Baltic states. Almost 3/4 of the total capacity is installed for customers outside of Latvia.

The leading position of Latvia in the area of electricity charging was consolidated during the reporting year. The Elektrum Drive charging network in the Baltic states has increased to 400 charging points, with 44.3 thousand charging events in 2023, amounting to 880 MWh and saving 530 tonnes of CO₂ emissions.

In the reporting year, both Latvenergo AS and Sadales tīkls AS were awarded the Diamond category of the Latvian Sustainability Index, while Liepājas enerģija SIA was awarded the Gold category. Latvenergo AS ranks as the most valuable energy company in the TOP 10 most valuable companies in the Baltics.