Yesterday, November 21, the Cabinet of Ministers adopted an ordinance to support the capital release of Latvenergo AS.

The capital release in the amount of 454 million EUR is related to the repurchase of 75 per cent of the future state commitments from Latvenergo AS regarding its cogeneration power plants Riga TEC-1 and Riga TEC-2 (CHPPs) by making a one-off compensation payment in the amount of 454 million EUR corresponding to the value of assets of Riga CHPPs, as supported by the Cabinet of Ministers on 29 August 2017. The compensation is financed by using the funds generated through capital release of Latvenergo AS.

The Shareholders’ Meeting where the resolution on the capital release will be adopted will take place on 24 November in the headquarters of Latvenergo AS at Pulkveža Brieža iela 12.

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.