Riga, 2014-06-17 15:34 CEST (GLOBE NEWSWIRE) -- Latvenergo AS rating in the Reputation Top has experienced a dramatic change over the recent years: from No. 44 in 2011 to No. 6 in 2013. This year, Latvenergo AS ranks 11th in the Corporate Reputation Top developed by Nords Porter Novelli SIA and newspaper Dienas Bizness.
Today, Latvenergo Group is facing an array of challenges and new experiences, such as opening of the electricity market in the Baltic States, investment in electricity generation and network development, as well as the ability to rapidly change from a historical monopoly in Latvia to a major player in the Baltic market. Reputation of the companies engaged in the energy industry has been changing rapidly in the recent years, as most have become or will become merchants with a focus on each and every customer.
In assessing the factors that influence and contribute to the company’s reputation at the moment, Āris Žīgurs, Chairman of the Management Board of Latvenergo AS, explains: “No matter how complicated the external circumstances affecting our operation may be, we continue to raise awareness of Latvenergo Group as an open, efficient and accountable company. The focus of Latvenergo AS attention is always the customers’ interests and efficient ways to meet their needs. Thereby, we have marked our status as a reliable cooperation partner. A gradual liberalization of the electricity market has been underway in the Baltic States, and Latvenergo Group has convincingly succeeded in strengthening its leading position and hence its reputation by operating in an open market environment over this period. The Baltic customers recognize Latvenergo as a stable and responsive partner. This recognition is very important for Latvenergo Group because due to the changes in market conditions – from being a monopoly to operating as an active player in the Baltic electricity market – we understand that our reputation means a lot to our customers as well. If the other criteria are equal when making a choice, the customer will surely have a closer look at the trader’s reputation.”
When creating the Reputation Top, much attention is paid to corporate social responsibility. In addition to charity work and support provided to nationwide cultural events, Latvenergo AS is also the author, partner and supporter of a number of unique corporate social responsibility initiatives. Longstanding environmental projects include taking care of the white stork population in Latvia and fish recovery in the Daugava river basin in collaboration with the Institute of Food Safety, Animal Health and Environment BIOR.
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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), Enerģijas publiskais tirgotājs AS (administration of electricity mandatory procurement process) and Liepājas enerģija SIA (electricity and thermal energy generation and supply), as well as Elektrum Latvija SIA (electricity supply), a subsidiary of Elektrum Eesti OÜ.