On 27 June, the Supervisory Board of Latvenergo AS approved a further five-year term of office for Chairman of the Management Board Martinš Cakste and Management Board member Dmitrijs Juskovecs as from 3 January 2027.
The Supervisory Board elected Harijs Teteris as a Management Board member of Latvenergo AS as from 3 January 2027 until the Supervisory Board of Latvenergo AS selects and elects a candidate for the position of Management Board member under the nomination procedure laid down in Section 31 of the Law on Governance of Capital Shares of Public Entity and Management of Capital Companies Thereof. A competition for the position of Management Board member (generation) of Latvenergo AS will be announced in the nearest future.
At present, the Management Board of Latvenergo AS comprises Chairman of the Management Board Martinš Cakste and Management Board members Ilvija Boreiko, Dmitrijs Juskovecs, Guntars Balcuns and Harijs Teteris.
Martinš Cakste has been working with Latvenergo AS since 2022 and has been Chairman of the Management Board and Chief Executive Officer of Latvenergo AS, Vice-President of the Latvian National Committee of the World Energy Council and member of the Board of Directors at the Eurelectric. Since 2025, M. Cakste has been member of the Council of the Employers' Confederation of Latvia. M. Cakste's education: Riga Technical University (RTU) - Doctoral degree in Economics and Business Administration (2007), Master's degree in Engineering Economics (1999), Bachelor's degree in Engineering Economics (1997).
Dmitrijs Juskovecs has been working with Latvenergo AS since 2022, has been member of the Management Board and Chief Commercial Officer of Latvenergo AS and since 2022 has served for several years as Chairman of the Supervisory Boards of Elektrum Eesti OÜ and Elektrum Lietuva UAB. D. Juskovecs' education: American Graduate School of International Management (Thunderbird), Phoenix, USA, Master of International Management (1997); Stockholm School of Economics in Riga (SSE Riga), Bachelor's degree in Economics and Business Administration (1996).
The Management Board members of Latvenergo AS are elected by the Supervisory Board upon assessing their compliance with the required competencies, experience and planned area of responsibility. The Management Board operates under the Articles of Association and the Management Board regulations and reports to the Supervisory Board. All members of the Management Board are independent in their activities and do not have holding in the capital of contractual partners or affiliated companies. Members of the Management Board are jointly liable for observance of all binding laws and regulations, execution of the decisions made by the Shareholders' Meeting and the Supervisory Board and for the financial operations of the Group.
Additional information:
Janis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv
www.latvenergo.lv
About Latvenergo
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tikls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next SIA (development of solar and wind parks), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas veja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Energijas publiskais tirgotajs AS (administration of mandatory electricity procurement process) and Liepajas energija SIA (generation and trade of thermal energy, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.
