Riga, 2017-05-25 15:00 CEST (GLOBE NEWSWIRE) -- The Ministry of Economics of the Republic of Latvia has prepared a conceptual report project "Complex Measures for the Development of the Electricity Market", on which information was given at the press conference today at 10 am at the Ministry of Economics of the Republic of Latvia. The conceptual report project contains several options to maintain the mandatory procurement components at the current amount, including prolongation of the subsidized electricity tax till 31 December 2020 and a partial future state contribution repurchase regarding cogeneration power plants with installed capacity above 4 MW, who will apply for the repurchase procedure.
According to an international independent third-party assessment, the Group's capital structure is better than in other companies in the industry in the region and Group’s financial situation is stable enough to consider the implementation of any measures included in the solutions proposed. The implementation of the proposed solution will depend on further decisions made by the Cabinet of the Republic of Latvia.
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 (lease 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).