What Latvenergo does

Latvenergo (AS Latvenergo) is a Latvian state-owned energy company founded in 1939 that produces and trades electricity, natural gas, and heat energy across the Baltic states of Latvia, Lithuania, and Estonia under the Elektrum retail brand. The group holds approximately 22% of the Baltic electricity market, serves roughly 914,000 customers, and derives 66% of its electricity from renewable sources through a diversified generation portfolio spanning hydroelectric plants on the Daugava River (Daugava HES), thermal generation, wind farms, solar farms, and battery energy storage. The company is executing a multi-year, capital-intensive renewable build-out including the Pienava (147 MW), Laflora Energy (108.8 MW), and Telšiai (124 MW) wind parks, with at least 800 MW of additional capacity targeted via its wholly-owned subsidiary SIA Latvijas vēja parki.

The business model combines generation, wholesale trading, and retail supply. Revenue is generated through subscription/recurring electricity and gas supply contracts (both variable price-linked to Nord Pool and fixed-price products) to residential, SMB, enterprise, and government customers, supplemented by usage-based EV charging fees, one-time sales of solar panels and smart-home equipment via the Elektrum online store, and district heating supply. Latvenergo monetizes its position across the value chain — generation, distribution (via subsidiary AS Sadales tīkls), trading (Elektrum Lietuva, Elektrum Eesti, Enerģijas publiskais tirgotājs), and emerging segments such as electromobility and energy storage. Customer acquisition runs through direct sales teams, the Elektrum digital platform, the FIZMIX education programme, and the Energy Museum as community engagement channels.

The company is wholly owned by the Republic of Latvia and is funded by a combination of state backing, multilateral loans (€200M EIB, €230M NIB), and capital market issuance including a €1 billion Euro Medium Term Note Programme with an inaugural €400 million European Green Bond in November 2025 that was 5.5x oversubscribed. Strategic priorities are Baltic energy independence, renewable capacity expansion, integration of LNG supply via long-term capacity booking at the Klaipėda terminal through 2044, and diversification into offshore wind (via partnership with RWE) and battery storage (via Merus Power contracts). Documented AI applications are narrow and operational, including an AI-powered bird detection system for wind turbines (jointly with LMT), credit risk management for debt collections, and predictive load balancing for EV charging.

Name

Latvenergo

Legal name

AS Latvenergo

Website

https://latvenergo.lv

Company type

Private

Founded year

1939

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Latvenergo is a Latvian state-owned energy company, founded in 1939, that generates and trades electricity, natural gas, and heat across the Baltic states under the Elektrum brand, serving 914,000 customers and ~22% of the regional electricity market while expanding renewable capacity through wind, solar, and battery storage.

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Hydroelectric Power Generation (221111), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

akta.pro secondary industry

Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ)

Keywords

• Electricity supply
• Natural gas trading
• Renewable energy generation
• District heating services
• EV charging network

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electricity Generation and Trading: Latvenergo generates electricity from hydroelectric (Daugava HES), thermal (TEC), and increasingly from wind and solar renewable sources, and trades electricity across the Baltic region under the Elektrum brand. The company holds approximately 22% of the Baltic electricity market and serves over 914,000 customers in the Baltic states.
2. Natural Gas Trading: Latvenergo trades natural gas to residential and business customers under the Elektrum brand across Latvia, Lithuania, and Estonia. The company procures gas from multiple sources including Latvijas Gāze, Klaipėda LNG terminal, and other traders.
3. Heat Energy Production and Trading: Latvenergo produces and sells thermal energy (heating) alongside its electricity generation operations, serving district heating markets.
4. EV Charging Services: Latvenergo operates a network of EV charging stations under the Elektrum brand since 2019, providing public fast and slow charging services in Latvia. Revenue is generated per kWh charged, with payment through a dedicated mobile application.
5. Technology Products and Energy Services: Sale and installation of solar panels (Elektrum Solārais), smart home solutions (Elektrum Viedā māja), EV charging equipment and accessories, and insurance/maintenance services for gas boilers and chimneys.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Latvenergo generates electricity from hydroelectric (Daugava HES cascade), thermal (TEC), wind, and solar assets, and trades electricity, natural gas, and heat energy to retail and business customers across the Baltic states under the Elektrum brand. The company also operates a public EV charging network, sells and installs solar panels and smart home energy solutions, and develops large-scale wind and solar generation projects. With 914,000 customers and approximately 22% of the Baltic electricity market, Latvenergo is the only energy company operating across all market segments in Latvia, Lithuania, and Estonia.

Product overview

Latvenergo is a state-owned Latvian energy company offering a comprehensive portfolio of energy products and services. The core offerings include electricity supply (Elektrum Electricity) and natural gas supply (Elektrum Natural Gas) to residential and business customers across Latvia, Lithuania, and Estonia. The company operates renewable energy generation assets including hydroelectric plants (Daugava HES), wind parks (Laflora Energy, Akmenė, Telšiai, Riebiņi, Priekule hybrid), and solar farms. The Elektrum brand extends to electromobility services with EV charging stations, and the subsidiary Elektrum Next manages renewable energy project development. Latvenergo also offers heating services and operates the Latvijas vēja parki joint venture for wind development in state forests. The product ecosystem integrates generation, trading, and retail operations across the Baltic region.

Differentiator

Problem solved

Functional benefit

Brands

• Latvijas vēja parki: Wind energy development company established by Latvenergo and Latvijas valsts meži for development of wind parks in Latvia's state forest territories. Latvenergo became sole owner in 2024.
• Elektrum Next
• Elektrum

Products and services

• Elektrum Electricity Supply Electricity supply product offered to residential and business customers in Latvia, Lithuania, and Estonia under the Elektrum brand, with various pricing options including fixed and variable rates.
• Elektrum Natural Gas Supply Natural gas supply product for residential and business customers in Latvia and Lithuania, offering competitive market-based pricing compared to regulated prices; procured from multiple sources including Latvijas Gāze, Klaipėda LNG terminal, and other traders.
• Elektrum EV Charging Network Public electric vehicle charging network in Latvia operated under the Elektrum brand, offering both fast DC (50 kW) and medium-speed AC (22 kW) charging, with payment per kWh via the Elektrum mobile application. Powered by 100% green energy.
• Elektrum Solārais (Solar Panels) Sale and installation of solar panels and related equipment for residential and business customers under the Elektrum brand, enabling on-site renewable energy generation.
• Elektrum Viedā māja (Smart Home Energy Solutions) Smart home energy management solutions sold to residential customers under the Elektrum brand, supporting energy efficiency and consumption optimization.
• EV Charging Equipment Sales (Home and Business) Sale of EV charging equipment, accessories, and installation services through the Elektrum online store (elektrumveikals.lv) for residential and business customers.
• Elektrum Heat Energy Supply Heat energy supply services including thermal energy for district heating and industrial applications, generated by Latvenergo's thermal and cogeneration assets.
• Wind and Solar Park Development (Latvijas vēja parki / Elektrum Next) Large-scale wind and solar park project development and operation in Latvia, Lithuania, and the broader Baltic region, delivered through subsidiaries Latvijas vēja parki and Elektrum Next, targeting at least 800 MW of renewable energy capacity.

Quantifiable outcome

• 66% of electricity produced from renewable sources
• +6 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core, minor and flagship.

• KN Energies (AB KN)coreTechnology or Integration · 10 June 2026Latvenergo is a long-term customer of the Klaipėda LNG terminal operated by KN Energies in Lithuania. In June 2026, KN Energies completed a long-term capacity allocation for 2033–2044, allocating over 20 TWh of regasification capacity to five customers including Latvenergo. The terminal provides strategic LNG supply access for Latvia and the broader Baltic region.
• Ignitis GroupcoreOthers · 10 June 2026Ignitis Group (Lithuania's largest energy company) and Latvenergo are both long-term customers of the Klaipėda LNG terminal, booking significant long-term regasification capacity from 2033-2044 alongside Equinor, Gasum, and Naftogaz.
• Equinor ASAcoreOthers · 10 June 2026Equinor ASA is a long-term customer of the Klaipėda LNG terminal alongside Latvenergo, Ignitis, Gasum, and Naftogaz, booking over 20 TWh of capacity for 2033-2044. Equinor is also a natural gas supplier to Latvenergo.
• Eolus LatvijacoreStrategic or Co-development Partner · 6 November 2025Eolus Latvija (subsidiary of Swedish company Eolus) originally developed the Pienava Wind project. Latvenergo acquired the project and Eolus Latvija continues to develop it through completion of construction, including all necessary infrastructure (access roads, substations, cables).
• LMT (Latvijas Mobilais Telefons)minorStrategic or Co-development Partner · 1 October 2025Joint AI research project launched in October 2025 to develop integrated radar and high-resolution camera technology for automatic bird detection near wind turbines. The €400,000+ project is partially funded by the EU Recovery Fund, with completion planned for H2 2027. It has export potential as existing solutions rely solely on video integration.
• VestascoreTechnology or Integration · 1 January 2024Vestas, a leading global wind turbine manufacturer, supplies turbines for Latvenergo's Telšiai wind park in Lithuania — 20 Vestas 6.2 MW turbines. Vestas is responsible for turbine manufacturing, delivery, and installation. This is a key technology supply partnership for Latvenergo's largest international wind project.
• NordexcoreTechnology or Integration · 1 January 2024Nordex supplies wind turbines for Latvenergo's wind projects. Used for the Akmenė wind park (4 Nordex 4.9 MW turbines, 145m hub height) and the Pienava Wind project (21 Nordex 7 MW turbines, 147 MW total). Nordex is a key technology partner for multiple wind energy projects.
• Utilitas WindminorStrategic or Co-development Partner · 1 January 2024Latvenergo acquired the Utilitas Wind wind park project 'Telšiai' in Lithuania in early 2024. The acquisition represents Latvenergo's expansion into the Lithuanian wind market, with construction led by Utilitas Wind and turbine supply from Vestas.
• UAB Merko statybaminorImplementation/ SI/ Consulting Partner · 1 January 2024Merko statyba provides construction infrastructure work for the Telšiai wind park in Lithuania, including access roads, cable networks, and assembly area construction. This is the primary construction contractor for the project.
• RWEminorStrategic or Co-development Partner · 16 September 2022Energy leaders Latvenergo and RWE joined forces to develop offshore wind energy in Latvia, announced September 16, 2022. The partnership combines Latvenergo's local expertise with RWE's offshore wind development capabilities to explore and develop Latvia's offshore wind potential.
• Latvijas Valsts Meži (Latvian State Forests)flagshipStrategic or Co-development Partner · 22 July 2022Joint venture SIA Latvijas Vēja Par ki (Latvian Wind Parks) established on July 22, 2022, between AS Latvenergo and AS Latvijas Valsts Meži to develop wind energy projects in Latvian state forest territories. In April 2024, Latvenergo became the sole owner. The joint venture targets at least 800 MW of renewable energy (approximately 130 wind turbines) in Latvian state forests.

Scale indicators17 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Eesti Energia: Estonian state-owned integrated utility producing shale oil-fired and renewable electricity. Directly comparable as a Baltic incumbent utility with overlapping retail and generation activities in Estonia, where Latvenergo also operates through Elektrum Eesti.
• Ignitis Group: State-owned Lithuanian energy group operating across generation, distribution, and retail across the Baltics. Directly comparable as a regional integrated utility with overlapping wind, hydro, and retail operations and the same Baltic geography (co-booked LNG capacity at Klaipėda with Latvenergo).

Others

• Equinor: Norwegian state-owned energy major with European LNG trading and renewables. Comparable as a long-term partner and co-customer at the Klaipėda LNG terminal and as a natural gas supplier to Latvenergo.
• Elektrum Eesti / Elektrum Lietuva subsidiaries: Wholly-owned Latvenergo subsidiaries trading electricity and gas in Estonia and Lithuania. Listed for completeness as Latvenergo's own Baltic retail operations — comparable entities within the same corporate group.

Broad incumbents

• RWE: German integrated utility with significant offshore wind, onshore wind, and conventional generation in Europe. Comparable as a strategic offshore wind partner of Latvenergo and as a large European renewables and trading player.
• Fortum: Finnish state-linked utility with hydro, nuclear, and renewables across the Nordics and Baltics. Comparable as a Northern European integrated utility with overlapping regional presence and renewable generation portfolio.
• Statkraft: Norwegian state-owned hydropower-major and Europe's largest renewable energy generator. Comparable as a state-owned utility with large-scale hydro generation, European renewables expansion, and energy trading activities.
• Vattenfall: Swedish state-owned European utility with significant hydro, wind, and heat generation. Comparable as a large-scale Nordic incumbent owning diversified renewable and thermal generation assets and operating across multiple European retail markets.

Regional players

• Verbund AG: Austrian state-linked integrated utility dominated by hydropower, with growing wind and solar across Europe. Comparable as a state-influenced integrated hydro-centric utility with European renewables expansion ambitions.
• PGE Polska Grupa Energetyczna: Polish state-controlled integrated utility with conventional and renewable generation. Comparable as a regional Central/Eastern European integrated utility transitioning toward renewables, though operating in a different geography from Latvenergo.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=ZRAI25jdIN8
• Xx.com/Latvenergo
• Facebookfacebook.com/Latvenergo

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Latvenergo