Latvia is a country that grows more and more every day in terms of the economy. Undoubtedly, companies and businesses are the main factors of growth in the country. The prominent ones among them are Latvia’s most important representatives in the international arena. Latvenergo which is one of these companies has a very special place. Latvenergo, the most valuable company in Latvia according to the latest data announced, repeated its success in this field for the 13th time.
Latvenergo is Again at the Top
In the list of the most valuable companies in Latvia, Latvenergo has managed to take the lead 13 times regularly. With this feature, it has become the largest company in the country. While the value of the company was approximately 1,568 billion dollars in the previous year, it has now reached the level of 1,653 billion dollars with a value increase of approximately 5%. Such growth during the pandemic can be regarded as another sign of how big the company is.
Since Latvenergo is an energy company, it is compared among energy companies not only in the country but also in the Baltic countries.[1]
- >>> The value of Ignitis Group operating in Lithuania is 1,491 billion dollars,
- >>> The value of Eesti Energia Company operating in Estonia is approximately 1,615 billion dollars.[2]
According to the figures here, Latvenergo is the most valuable company not only in Latvia but also in the Baltic countries.
Considering the Baltic countries, it will be seen that the most valuable companies here are Latvenergo, Vilniaus Prekyba, and Swedbank, respectively. Again, the 8 most valuable companies in the Baltic countries can be listed as follows:
- >>> Latvenergo,
- >>> Vilniaus PREKYBA,
- >>> Swedbank,
- >>> Eesti Energia,
- >>> Latvijas Valsts Mezi,
- >>> Thermo Fisher Scientific Baltics,
- >>> Tallink Grupp to Ignitis Grup, Lietuvos geležinkeliai
- >>> SEB
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General Information About Latvenergo
Latvenergo Group is a company operating in the field of energy. The company, which continues its activities in Latvia, is engaged in electricity and thermal energy production and its trade. Besides, it also conducts electricity distribution services and natural gas trade and it is one of the most important energy suppliers in the region. Latvenergo, which has been awarded the most valuable company in Latvia several times, received a BAA2 grade from the world-renowned rating agency. This rating confirms that the company is at a stable and investable level.[3]
Latvenergo is a company founded in 1939. Since then, it has managed to grow continuously and surpassed all its competitors. It is known that today it meets more than 70% of Latvia’s energy requirement. There are more than 3 thousand employees in the company. So, it is an important employment producer for Latvia. The number of companies affiliated with the Latvenergo Group is 6.
One of the most important features of this company is its contribution to renewable energy. According to the announced data, approximately 42% of the energy produced by the company is obtained from renewable energy sources. Therefore, it should be underlined that it has an eco-friendly side.
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Goals of the Latvenergo Group
Although the company is the largest in Latvia today, when we look at their goals, it seems that it will grow even more. Depending on the general situation in the Baltic and Scandinavian countries, new growth strategies are created, new products and services are aimed to be created in these strategies. Besides, with the electrical connections made, Latvenergo has had the opportunity to expand beyond the borders. Therefore, in the near future, the company may start exporting. This means an increase in the competition between energy companies in the Baltic countries.
The company, which closely follows the reflections of constantly developing technology on human life, has been working to develop new approaches by taking these reflections into account.
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Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.
