Energy Investments boosts control in Latvijas Gāze to 81.2%

💡 Energy Investments boosts control in Latvijas Gāze to 81.2%

Energy Investments SIA has increased its stake in Latvijas Gāze to 81.23%, after acquiring 11.15% of shares from Energo Management, according to company filings. The remaining shares are held by Itera Latvija (16%) and smaller investors (2.77%).

The holding, established in 2023 and led by former Latvijas Gāze CEO Aigars Kalvītis and partners, has gradually taken over stakes previously owned by Gazprom, Uniper and other foreign shareholders. Latvijas Gāze reported €91.1 million in 2024 revenue (-43% year-on-year) but returned to profit with €13.2 million.

Context: The restructuring consolidates control of Latvia’s main gas supplier in domestic hands after years of mixed foreign ownership. While the company’s financial results improved, overall gas demand remains lower than pre-war levels due to high prices, energy saving measures and industrial slowdown.