OREANDA-NEWS. September 13, 2010. Latvenergo AS Board Chairman Uldis Bariss was acknowledged by Valdis Dombrovskis, Prime Minister of the Republic of Latvia, and Artis Kampars, Minister for Economics, for company’s success in its export activities. During last few years, Latvenergo AS has been committed to the goal of a free electricity market in the Baltic States, and the rise in electricity exports validates the approach chosen by this Latvian energy company.

In 2009, Latvenergo exported electricity and provided services on the electricity market for a total of 28.4 million LVL, which was by 15.0 million LVL more than in the previous year.

Company’s Board Chairman Uldis Bariss noted that this year income from export transactions might exceed 50 million LVL. Bariss said: “This year Lithuania and Estonia also opened their markets, giving us the opportunity to use our expertise and experience obtained on the Latvian free market in the neighbouring countries. We have various sources of electricity: reconstructed large hydroelectric power plants, as well as modernised thermoelectric power plants – and this makes us mobile and capable of fast adjustment to the market situation.”

Latvenergo recognises that, unlike the previous years when the only way to sell electricity abroad was during the spring floods, today electricity can be sold year-round to consumers in the neighbouring countries. Likewise, Latvenergo ensures export of other specialised electricity-related services, such as maintenance of production capacity reserves.

At this point, Latvenergo's market share in the Lithuanian and Estonian national markets is to about 5%, which is a big progress after half a year’s work. The long-term goal of Latvenergo is to possess a significant share of the market in Lithuania and Estonia alongside Latvia. The goal for the next year is to double the amount of electricity sold to the neighbouring countries.