To ensure the competitiveness of Latvenergo Group, during the new period of the Group’s strategy from 2017 to 2022 it is planned to implement an efficiency programme that provides for the revision, centralisation and digitisation of the Group’s processes.

With the introduction of efficiency measures, the number of employees in Latvenergo Group will be gradually reduced by 2022. Within the efficiency programme, it is planned to downsize the number of employees by about a quarter and achieve the improvement of efficiency of up to EUR 30 million in 2022 in order to be able to sustain the Group’s profitability in the long term in view of the anticipated increase in costs due to inflation.

The main areas of raising the efficiency are digitisation of distribution system processes, development of a single dispatch control and geographic information system, reduced need for physical presence at power lines in case of power outages, reduction of the mobile equipment fleet, digitisation of customer service and consolidation of service channels, as well as optimisation of production processes.

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 the largest pan-Baltic power supply utility 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.