OREANDA-NEWS. July 09, 2010. Latvenergo AS convoked a Shareholders’ Meeting, and at the meeting a decision was taken that the Management Board will temporarily carry on its duties in the composition of three members.

The Shareholders’ Meeting of Latvenergo AS adopted decisions to revoke the former Chairman of the Management Board K. Mikelsons and the former Member of the Management Board A. Melko and to appoint the present Management Board Member Uldis Bariss as a Chairman. The Management Board Members Arnis Kurgs and Arnis Daugulis will continue their duties in the Management Board, which, as a result of these decisions, from now is composed of three members.

At today’s press conference the Minister for Economics Artis Kampars expressed the opinion of the Latvenergo Group’s state shareholder: “During the last week we have succeeded in maintaining the stability and continuity of the company’s operation. We are assured that the Management Board Members have a clear vision on how to ensure the company’s regular business activity at the same level and scope.  We have received a very important confirmation from the international credit rating agency Moody’s that it sees no grounds for reconsidering the rating or outlook on the Latvenergo Group and is convinced that the situation at the company has been brought fully under control.”

The new Chairman of the Management Board U. Bariss emphasised that “Latvenergo’s Management Board is focusing its work on several equally significant tasks. Of these, the main tasks are to ensure the Latvenergo Group’s fluent operation under the present conditions and to continue the development of electricity trade in the Baltics.”

In the year 2009, the Latvenergo Group has reached its annual turnover of 500.5 million Lats, which is for 5% more than in the previous year. Furthermore, the Group’s overall asset value at the end of the year 2009 was 1.7 billion Lats, profit – 20 million Lats. Latvenergo AS produced 4,871 GWh of electricity in the year 2009.