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In the anniversary year of Latvenergo – the most valuable company also in times of changes in the energy industry
Having received for the 12th time in general and for the 11th time in row the award as the most valuable Latvian company in TOP 101 Most Valuable Companies of Latvia, which is jointly prepared by Prudentia and Nasdaq Riga, Latvenergo AS emphasises in the year of its 80th anniversary the changes in the energy industry that are currently ongoing in the Baltics.
Riga, 2019-10-18 08:01 CEST --
The value of the Group today is 1.57 billion EUR, and Latvenergo is also the only Latvian company occupying the 5th place in TOP 10 Most Valuable Companies of Baltics being ahead of other energy companies.
Having received the prize, Āris Žīgurs, Chairman of the Management Board of Latvenergo AS, specifically emphasised that this was the week, when 80 years have passed since Kegums hydropower plant had been launched for the first time, thus laying the foundations for the establishment of Latvenergo.
The last year and the current year was spent under the sign of effectivization and digitalisation, however changes started in the energy industry also in the previous years, and the Group reacted to them and used them for its own benefit. The strategic approach of Latvenergo has ensured that the Group had used the process of changes to develop its operations in new markets and offering services, which were not in the range of traditional energy companies – solar panels, charging of electric cars, services of electric scooters and internet store have been introduced in the market quite successfully.
Āris Žīgurs: “We are living in the age, when rapid changes are a synonym of daily life and our lives are changing so rapidly that the things you knew yesterday might not be so important today. And we therefore value those people, for whom learning something new is an absolutely normal state of things."
TOP 101 Most Valuable Companies of Latvia has been prepared by Prudentia and Nasdaq Riga since 2005.
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Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade, electricity distribution services and lease of transmission system assets. 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 seven subsidiaries - Latvijas elektriskie tīkli AS (lease of transmission system assets), 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) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.