Kaspars Cikmačs, Chief Development Officer (CDO) and Member of the Management Board of Latvenergo AS, has decided not to continue to serve on the Management Board of the Company after the expiry of the current term of office on 24 September 2023. From October, Kaspars Cikmačs will take up the position of Chief Technology Officer in an international private sector company.

Kaspars Cikmačs joined Latvenergo AS in 2018 as a Member of the Management Board and Technology and Support Director. He also served as Chief Operating Officer (COO) in 2021 and as Member of the Management Board and Chief Development Officer (CDO) since 2021. Kaspars Cikmačs is also a Member of the Supervisory Board of Elektrum Lietuva UAB, a subsidiary of Latvenergo AS.

Kaspars Cikmačs has contributed his work and expertise in the areas of sustainability and renewable energy in line with Latvenergo Group’s Operational Strategy 2022–2026 or the Growth Strategy, in the development of which he has actively participated. Under his leadership, a strong team has been established, which has built the largest electric vehicle charging network in Latvia, Elektrum Drive, which is expanding rapidly in Lithuania and Estonia, large-scale development of renewable energy capacity has started with the construction of new Latvenergo solar parks and the launch of high-capacity wind park development projects, as well as research into future energy options such as green hydrogen production. In ITT, digitisation solutions and business continuity were implemented at plants, and the major challenges of recent years in Covid-19 and cyber security were successfully overcome.

Kaspars Cikmačs: “Latvenergo is a fast-growing company that is ready for a breakthrough to compete successfully on an international scale, and how it will succeed depends not only on the company but also on decision-makers and decisive decisions. Energy is a dynamic and ever-evolving industry – this is why I will always look at it with deep interest and at a professional level, especially appreciating the time when, together with my colleagues, we overcame one of the biggest crises in the sector, which at the same time gave a springboard for new strategically ambitious projects.”

Ivars Golsts, Chairman of the Supervisory Board of Latvenergo AS: “Kaspars Cikmačs is characterised by dynamism and experience – in a sense, these words can be used to describe the entire Latvenergo Group. We appreciate his achievements in launching and growing new businesses – electric vehicle charging, especially renewable energy projects – as well as his contribution to IT and digital solutions. These areas have proven to be indispensable to our national security and independence in recent years, and under Kaspars’ leadership they are at the highest level in the Group.”

Prior to joining Latvenergo, Kaspars Cikmačs was a Member of the Management Board and Chief Operating Officer at Citadele banka AS. Kaspars Cikmačs holds a Master’s degree from the Stockholm School of Economics in Riga and a Bachelor’s degree in Computer Science from the University of Latvia.

A new Member of the Management Board of Latvenergo AS will be selected through a competition.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv

www.latvenergo.lv

About Latvenergo

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. 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 subsidiaries - 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), Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation) and Latvijas vēja parki SIA (development of wind parks in Latvia). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.