Energijos tiekimas, part of Lietuvos energija group of companies, works together with Latvian telecommunications leader Lattelecom on its trail in the energy market

A subsidiary of Energijos tiekimas, part of Lietuvos Energija Group, is providing its energy market expertise and power portfolio management competences to Lattelecom, the biggest telecommunications group in Latvia. The Latvian telecommunications group that provides network, television, IT, variety of business services, started selling power in April. The power is being purchased in the Nord Pool open market exchange under the aegis of Geton Energy, a subsidiary of Energijos tiekimas.

 

‘Cooperation with Lattelecom is a step towards expansion in the region, which is one of the key objectives of the company. We are satisfied with the initial results and are open for the discussion regarding the prospects of closer cooperation.  This is a strategic step for us, while Lattelecom steps into a previously uncharted energy industry‘, said CEO of Energijos tiekimas Vidmantas Salietis.  

 

According to Mr. Salietis, the ties between companies from different sectors will soar in the future as the development of technology and digitalization of the services provide increasing opportunities for synergies. The customers will get used to purchasing utilities from one service provider.

 

Lattelecom has offered its retail customers a service package ‘tet‘ which includes 3 power consumption and pricing plans. Lattelecom was the first electricity retailer in Latvia, who started broader discussions and encouraged the consumers to opt for the tariff plan linked with the electricity spot prices. It is forecasted that ‘tet‘ service will be used by 10-12 thousand households by the end of 2017. 

 

Lattelecom group owns 5 enterprises in Latvia as well as 23 % of the biggest mobile network operator LMT (Latvijas Mobilais Telefons). Lattelecom is owned by the State of Latvia (51 %) and Telia Company (holds 49 % of shares through a subsidiary Tilts Communications).

 

In 2016, the revenue of Energijos tiekimas reached 84.5 m. Eur, net profit amounted to 10.07 m. Since 2013, Energijos tiekimas operates in Latvia and Estonia under the name of Geton Energy.