ELEK: Changes in the management of the subsidiary Elektrum Lietuva UAB
During his work as Sales Director of Elektrum Lietuva, Martynas Giga proved his competence and understanding about the electricity market and the process of electricity retail supply in Lithuania. M. Giga's previous work experience was accrued in companies representing various sectors and the electricity trade sector particularly – Elektra Visiems UAB, Kvanto Energija.
The strategic management of Elektrum Lietuva is carried out by the Supervisory Board, established by Latvenergo AS, which is constituted by Members of the Management Board of Latvenergo AS Uldis Bariss and Guntars Baļčūns, Electricity Sales Director Uldis Mucinieks, Chief Administrative Officer Arnis Kurgs and Head of Trading Unit Gatis Junghāns. The Supervisory Board is established according to the good corporate governance model of Latvenergo Group, separating strategic and operational management.
Elektrum Lietuva UAB is Latvenergo AS wholly owned subsidiary, which carries out electricity supply in Lithuania. Latvenergo Group is the leading electricity supplier in the Baltics with a 1/3 share of the electricity market, thereby fostering the position of Elektrum Lietuva UAB on the Lithuanian electricity market.
Latvenergo Group is a pan-Baltic power supply utility operating in electricity and thermal energy generation and supply, electricity distribution services and lease of transmission system asset. 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.