Latvenergo AS publishes an informative presentation about Latvenergo Group
June 26, 2020
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.
In 2019, Latvenergo Group was one of the largest providers of power supply services in the Baltic market. At the same time, the Group is actively extending operations in new business segments: the year was successful for trading of solar panels; in August, Latvenergo Group started working in the electrical mobility market by launching the first fast electric vehicle charging stations in Latvia; at the beginning of 2019, Latvenergo Group started operations on the natural gas market for Latvian households.
For the second year in a row, CHPPs of Latvenergo AS generated historically the largest amount of electricity, thus confirming the importance of CHPPs of Latvenergo AS in the Baltic energy supply. CHPPs of Latvenergo AS are highly efficient, with low CO2 intensity and flexibility to adapt to market conditions.
On 8 October 2019, the Cabinet of Ministers of the Republic of Latvia decided to complete the ownership unbundling of the electricity transmission system operator, transferring all assets of the electricity transmission system on the balance sheet of Latvijas elektriskie tīkli AS, a subsidiary of Latvenergo AS, to the transmission system operator Augstsprieguma tīkls AS. The change of ownership of assets was made through the reduction of the share capital of Latvenergo AS by withdrawing the capital shares of Latvijas elektriskie tīkli AS from the base of assets of Latvenergo AS. On 10 June 2020, Latvijas elektriskie tīkli AS was separated from Latvenergo Group.
On 15 October 2019, the international credit rating agency Moody's affirmed the credit rating of Latvenergo AS at investment grade Baa2 with a stable outlook, taking into account the planned unbundling of transmission system asset ownership.
On its 80th anniversary, the Latvenergo Group was the most valuable energy company in Latvia for the 12th time and repeatedly also in the Baltics. For the seventh year in a row, Latvenergo AS received the Platinum category from the Sustainability Index along with the highest overall assessment in the history of its participation.
Presentation is available here.