On 11.02.2014 the Cabinet of Ministers of the Republic of Latvia approved the decision of 26.09.2013 made by the meeting of shareholders of Latvenergo AS on termination of Latvenergo AS partnership in Nordic Energy Link AS. Until 30.12.2013 Nordic Energy Link AS provided operation of power cable Estlink-1 connecting Estonia and Finland electricity systems.

According to the Shareholders’ Agreement executed in 2004 among the shareholders of Nordic Energy Link AS, after the sale of Estlink-1 assets to the transmission system operators, the Nordic Energy Link AS operations shall be terminated. On 30.12.2013 the power cable Estlink-1 was sold to Estonian and Finnish transmission system operators. According to the Law on State and Municipality Capital Shares and Capital Companies, Latvenergo AS as a company owned by the state needs an approval of the Cabinet of Ministers for termination of participation in another company.

Nordic Energy Link AS shareholders are: Eesti Energia AS 39,9%, Latvenergo AS 25%, Lietuvos Energia AB 25%, Finestlink Oy 10,1%.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 67 728 239
E-mail: investor.relations@latvenergo.lv

www.latvenergo.lv

About Latvenergo

Latvenergo Group is a pan-Baltic energy company, engaging in electricity and thermal energy generation and supply, electricity distribution services and management of transmission system assets. Latvenergo Group holds one-third of the entire Baltic electricity market, thus ensuring its leadership in the Baltic electricity supply. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa3/stable.

Latvenergo Group includes the parent company Latvenergo AS (electricity and thermal energy generation and supply) and its subsidiaries Latvijas elektriskie tīkli AS (management of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity  supply in Estonia), Elektrum Lietuva UAB (electricity supply in Lithuania) and Liepājas enerģija SIA (thermal energy generation and supply, electricity generation), as well as Elektrum Latvija SIA (electricity supply), a subsidiary of Elektrum Eesti OÜ.