Chairman of the Management Board Mārtiņš Čakste and Chairman of the Supervisory Board Aigars Laizāns of Latvenergo AS are participating in the Latvian government and business delegation’s visit to the United States. Under the leadership of Minister for Economics Viktors Valainis, a delegation of Latvian entrepreneurs has arrived to Washington to participate in one of the largest defence industry exhibitions, the "AUSA Annual Meeting & Exposition", as well as the Latvian American Chamber of Commerce (LACC) conference "Spotlight Latvia".
Latvenergo Group’s growth as a Baltic-scale company and its cooperation potential to be presented at the "Spotlight Latvia" conference by Mārtiņš Čakste, who will introduce the latest energy projects, potential cooperation with the USA and global businesses, as well as the development of data centres and production facilities in the Baltics requiring stable and environmentally friendly electricity.
Latvenergo is currently significantly strengthening its renewable energy portfolio and expanding into more diversified business areas. To achieve the Latvenergo Group's strategic development goals, investments of EUR 530 million were made in 2024, while investments in 2025 could reach up to EUR 900 million. Currently, renewable energy (RES) projects with a total capacity of around 1,200 MW are being implemented in the Baltic region, with capacity development continuing after 2030 to reach up to 2,300 MW. If the Latvenergo Group’s development plans are fully implemented, total investments over a ten-year period could amount to as much as EUR 5 billion.
Latvia’s energy sector has a high share of renewables in the overall balance, which until now has been ensured by three large hydropower plants; however, solar and wind power plants are now being added. Latvia is the best supplied with base capacity among the Baltic States, provided by both natural gas power plants and hydropower assets. Strategic gas reserves are located in Latvia, including the Inčukalns underground gas storage facility (also suitable for hydrogen storage) with a capacity of 2.3 billion cubic metres (29% owned by the Marubeni fund), which stores sufficient energy reserves obtained from Western suppliers. In recent years, since the complete cessation of gas imports from the aggressor state Russia, Latvia has received 100% of its liquefied natural gas (LNG) via Klaipėda (Lithuania) and Inkoo (Finland) terminals. 80% of LNG received by Latvenergo is supplied from the United States of America.
Elektrum as the brand of Latvenergo operation in the region has strengthened its position and expanded its client portfolio also in the sphere of microgeneration, introducing product innovations and developing the electric vehicle charging network. Elektrum will supplement the Baltic electromobility network by 3,000 new charging points in the coming years.
In February 2025, Latvenergo AS received the award for the best investor relations among all bond issuers for the fourth time on the Nasdaq Baltic regulated markets of the Baltic stock exchanges. Since 2012, their bonds issuer rating among investors has remained consistently high.
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
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, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next LT UAB (development of solar and wind parks), Elektrum Next SIA (development of solar and wind parks), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas vēja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.