Riga, 2015-02-27 13:21 CET (GLOBE NEWSWIRE) -- On 1 December 2014, Vilius Juraitis assumed his responsibilities in the Management Board of Elektrum Lietuva, UAB. On 28 February this year, Uldis Mucinieks, Electricity Sales Director of Latvenergo AS will also join the Management Board.
Uldis Mucinieks previously worked for DNB banka AS, where he hold the position of the Head of Sales Management. Before that, he had worked for the international insurance and investment company Mandatum Life, holding the position of the Latvia’s branch manager and management board member with responsibility for sales and customer service in the Baltic markets.
Following the aforementioned changes, the Management Board of Elektrum Lietuva, UAB will be composed of three Management Board members: Chairman of the Board Vilius Juraitis, as well as Gatis Junghāns and Uldis Mucinieks.
Starting from 28 February, Uldis Mucinieks will also be Chairman of the Board of Elektrum Eesti, OU. Thus, the Management Board of Elektrum Eesti, OU will be composed of Chairman of the Board Uldis Mucinieks and Gatis Junghāns.
Uldis Mucinieks: “My previous work experience on the Baltic scale facilitates the quick and accurate assessment of the local markets, where Latvenergo is the leading electricity trader. Benefiting from the lessons learnt during the opening of the market for households in Estonia and Latvia, we are planning to carry out targeted and competitive activities in Lithuania, where liberalization of the electricity market is soon to follow. Combining this knowledge with the existing experience gained from the Lithuanian market segment of legal entities, I am confident that these efforts will make Latvenergo an even stronger market player than before, with a special focus on the range of products and customer service.”
Elektrum Lietuva, UAB and Elektrum Eesti, OU are Latvenergo AS 100% owned subsidiaries, which are engaged in electricity sales in Lithuania and Estonia.
The amount of electricity supplied by Latvenergo Group to retail customers outside Latvia in 2014 has increased by 50% due to focused electricity trade activities and comprises 35% of the total electricity market in the Baltic States. The number of customers in the neighbouring countries amounts to 34 thousand.
The total electricity supply by Latvenergo Group has grown by 9% compared to the respective period in the last year and is 8,688 GWh. The amount of electricity supplied by Latvenergo Group in Latvia is 5,636 GWh, in Lithuania – 1,739 GWh and in Estonia – 1,314 GWh.
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 67 728 239
E-mail: investor.relations@latvenergo.lv
About Latvenergo
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 Baa2/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.