Latvenergo Group, the Latvian state-owned energy company and the largest electricity producer in the Baltic States, invested a record €792.2 million in 2025 — a 49 per cent increase on the previous year — with the majority directed at renewable energy projects and distribution network upgrades, according to the company’s audited annual report published on 29 April.
Of total investments, €548 million was allocated to renewable energy source projects, primarily wind and solar parks. During the year, the group commissioned Akmenes wind power plant in Lithuania, completed reconstruction of Ainaži wind power plant in Latvia, finished construction of Aizpute Solar, brought eight further solar parks online, and completed two battery energy storage system projects. Construction began on two large-scale wind farms — Laflora Energy and Pienava Wind. By year-end, Telšiai wind power plant in Lithuania (124 MW) had its turbines fully installed and generating electricity, with commissioning expected in the first half of 2026. The group’s total approved new renewable energy portfolio now stands at 1,144 MW.
Latvenergo generated 4.7 TWh of electricity in 2025, of which 3.1 TWh came from renewable sources. Solar and wind generation reached 209 GWh — five times the 2024 figure. The group held a 24 per cent share of total Baltic States generation. Despite the strong operational performance, financial results were affected by lower hydro output from the Daugava plants and a decline in retail electricity prices. Revenue fell 8 per cent to €1,566.1 million, EBITDA dropped 25 per cent to €440.1 million, and net profit was 27 per cent lower at €198.8 million. Dividend payments to the Latvian state are expected to amount to at least €141 million.
The group also strengthened its balance sheet, completing its first European Green Bond issuance of €400 million in late 2025 under its medium-term Eurobond programme. Investor demand exceeded the target amount by 5.5 times, reaching €2.2 billion. Credit agency Moody’s confirmed Latvenergo’s Baa2 rating with a stable outlook.
On the retail side, the group’s Elektrum brand now serves more than 914,000 electricity customers across the three Baltic States — 306,000 of them outside Latvia, representing 8 per cent growth year-on-year. Almost half of total electricity sold by the group, 2.7 TWh, was traded outside Latvia — a historic milestone the company described as a key export turning point.
