Published: 2020-03-23 15:31:31 CET
Other information disclosed according to the rules of the Exchange

On the impact of Covid-19 on operations of Latvenergo Group

Riga, 2020-03-23 15:31 CET -- Latvenergo Group is constantly evaluating the impact of spreading of Covid-19 and implements measures for safety of customers and employees. All the security measures are implemented in accordance with the decisions made and the recommendations provided by the Cabinet of Ministers, the Ministry of Economics, the Centre for Disease Prevention and Control and responsible state authorities. Latvenergo Group ensures appropriate working regime in strategically important facilities – Daugava hydropower plants, combined heat and power plants in Riga and facilities of Sadales tīkls AS. The Group organises work in such a way to reduce direct contacts, ensures the possibility to observe strict hygienic requirements and provides employees with regular information about latest recommendations to mitigate spreading of Covid-19.

Latvenergo AS continues to provide all Elektrum services to its customers and any customer service issues are resolved using remote means of communication. Elektrum customer service, the availability and diversity of digital services provide extensive digital service opportunities to customers. Generally, 93%, or most of Elektrum customer service transactions are digital. Elektrum customer service centres in Riga and Daugavpils have closed for the period of the emergency. 

Spreading of the virus does not have a significant effect on the provision of services by Latvenergo Group. The Group continues to ensure continuity and availability to all customers of electricity generation, electricity and natural gas trading and distribution services. Since the situation is unclear and is developing rapidly, it is currently not possible to provide a statistical estimate of the potential effect of spreading of the virus on Latvenergo Group.

At the beginning of 2020, the existence of the new coronavirus (Covid-19) was approved and it has currently spread all over the world, also in Latvia, disturbing business and affecting economic development.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897

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, 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 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.