Energy, Energy Market, Financial Services, Good for Business, Latvia

He said that in late April the concern published the Sustainability and Annual Report for 2016, which includes not only financial results, but also information about the concern’s operations, management, environment protection, corporate responsibility and other issues.

"2016 has been one of the best years in terms of achievements. It is also reflected in financial results. The concern’s revenues reached EUR 932 mln, while profit was EUR 131 mln. Successful sale of electricity in the Baltics has allowed us to keep the leading position in the Baltic power market with a 30% market share. In 2016 we produced 4,707 GWh or electricity, which is by 21%more than in the previous year. Renovation of hydro power plants on the Daugava River is continued successfully. Moody s Investors Service in February this year has once again affirmed the credit rating of Latvia’s Latvenergo power utility at Baa2, with a stable outlook," said Balcuns.

Latvenergo is a state-owned electricity utility, which also provides telecommunications and IT services. The Latvenergogroup has six subsidiaries - Sadales Tikls (Distribution Network), Latvijas Elektriskie Tikli (Latvian Power Grid), Energijas Publiskais Lietotajs, Liepajas Energija heating utility in the south-western Latvian town of Liepaja as well as a Lithuanian subsidiary Elektrum Lietuva, and an Estonian subsidiary Elektrum Eesti which has a subsidiary Elektrum Latvia.