Latvenergo AS has prepared and publishes an informative presentation about Latvenergo Group, providing current information about the organizational structure, strategy, operating segments, sustainability information and financial indicators of the Group.
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. 122 MW of new RES capacity was built in 2024. In 2024, Latvenergo Group invested a total of EUR 530 million, with around EUR 345 million invested in the development of wind and solar generation capacity.
In 2024, Latvenergo Group produced 27% of the total electricity generated in the Baltics, and 66% of the electricity was generated from RES. At the end of 2024, the number of electricity customers reached 896 thousand, including more than 284 thousand foreign customers. Meanwhile, the Elektrum Drive charging network has remained the largest in the country and is rapidly developing not only in Latvia but also in Lithuania and Estonia. At the end of 2024, the Elektrum Drive charging network in the Baltic states had over 750 charging ports; some of them have been installed together with co-operation partners.
2024 was the first reporting year when the sustainability statement was prepared under the new sustainability reporting requirements - in accordance with the Law on Sustainability Disclosures. The sustainability statement provides comprehensive and detailed information on environmental, social, and governance matters. This promotes greater transparency and comparability between companies and supports the transition to a sustainable economy.
In 2024, Latvenergo AS was awarded the Diamond category of the Latvian Sustainability Index. Sadales tīkls AS and Liepājas enerģija SIA were ranked in the Platinum category. Latvenergo AS is the first company in the Baltics to publish Moody’s assessment of the Group’s climate targets, receiving an NZ-3 rating, which confirms its strong credibility in achieving and complying with the goals of the Paris Agreement. Latvenergo AS ranks as the most valuable energy company in the TOP 10 most valuable companies in the Baltic states.
Additional information:
Inese Vilcina
Investor Relations and Sustainability Manager
Phone: +371 29 110 880
E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process), Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation) and Latvijas vēja parki SIA (development of wind parks in Latvia). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.