Energy, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Saturday, 19.10.2019, 13:06

Latvenergo's supervisory board dismissed

BC, Riga, 19.06.2019.Print version
The supervisory board of the state-owned joint-stock Latvian power utility company Latvenergo was released today, Minister of Economic Ralfs Nemiro (KPV LV) confirmed to LETA.

Latvenergo is a state-owned company and the shareholder is the Economics Ministry. The shareholder’s interests are represented by Economics Ministry’s state secretary Eriks Eglitis.

The now dismissed board, which has been working since 2016, includes former DNB Banka head in Latvia Andris Ozolins as its chairman, former RB Rail CEO Baiba Rubesa, Valsts Nekustamie Ipasumi (State Real Estate) council member Martins Bicevskis, former Riga Airport CEO Andris Liepins, and airBaltic board member Martin Sedlacky, a citizen of Slovakia.

A temporary supervisory board has been appointed, consisting of economics minister’s aide Pavels Rebenoks, the minister’s office head Inese Kublicka, the Association of Wind Energy Companies board member Kristaps Stepanovs, Rigensis Bank board member Renars Degro and Arturs Snorins.

Nemiro thanked the former supervisory board, still the minister would like the supervisory board to work faster and with more efficiency and sooner solbe the issue on reducing electricity distribution tariffs.

The minister said that a temporary supervisory board has been appointed, but soon a tender for the vacant positions will be announced.

As reported, Nemiro told LETA in early May that he is not satisfied with the work of some Latvenergo supervisory board members, but no changes in the supervisory board were planned at that moment.

“Shareholders have given tasks to the supervisory board, but they are coming slow,” he said.

As reported, Latvenergo power company last year posted EUR 435.199 mln in audited turnover, down 12.7% from 2017, while the company’s profit increased 41 percent to EUR 212.733 mln. Meanwhile, the group’s tunover dropped 5.1% to EUR 878.008 mln and profit declined 4.2 times t EUR 75.955 mln.

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 bonds are quoted on the Baltic Bond List of the Nasdaq Riga stock exchange.

Search site