The Ministry of Economics (MoE), as the second-largest shareholder of AS "Rīgas siltums", proposes to immediately convene a new extraordinary shareholders' meeting to consider the MoE's proposal to dismiss the entire board of the enterprise, the ministry informed the LETA agency.
The Ministry of Economics (MoE) indicates that the agenda of the shareholders' meeting of "Rīgas siltums" on October 6 included only one item for voting and decision-making regarding the board and its tasks – the MoE's proposal to dismiss the chairman of the board of "Rīgas siltums", Evgeny Belezak, and the deputy chairman, Gatis Sniedzinsh. However, this proposal was not supported.
Other shareholders did not put forward alternative proposals regarding the board and its tasks that could be voted on.
As one of the shareholders of "Rīgas siltums", the MoE already proposed on September 3 to convene an extraordinary shareholders' meeting, calling on all shareholders to consider the issue of the company's board. According to the MoE, the board of "Rīgas siltums" was not ambitious enough and did not show initial initiative to actively participate in preventing the increase of the "Rīgas siltums" tariff.
The MoE emphasizes that the leadership of the board of "Rīgas siltums" organizes its work and should bear primary responsibility for the delayed response of the board regarding the tariff issue, which initially resulted in an inflated tariff being submitted. Therefore, direct participation of the MoE as a shareholder was required in organizing the work of the management and board of "Rīgas siltums" to prepare a proposal for revising the submitted tariff, resulting in a reduced tariff increase.
It was previously reported that at the shareholders' meeting of "Rīgas siltums" on Monday, the MoE's proposal to dismiss the board's leadership was not supported. The Ministry proposed to dismiss the chairman of the board, Belezak, and his deputy, Gatis Sniedzinsh.
Economics Minister Viktor Valainis (SCP) indicated on Monday that the MoE would again propose to dismiss the entire board of the company.
The board of the company also includes its members Martiņš Lazdovskis, Arturs Veits, and Matiss Paegl.
In the Latvian Television program "Šodienas jautājums", the chairman of the Riga City Council, Viesturs Kleinbergs (Progressives), confirmed that an agreement had been reached to replace the entire board of "Rīgas siltums" in the near future. According to him, the Riga City Council called for the issue to be considered collectively, as decisions in the board had previously been made jointly. The Riga side called for the dismissal of the entire board, not just two of its members.
It was previously reported that this summer, the plans of "Rīgas siltums" to increase heating tariffs in the capital in the fall were criticized.
On September 4, the board of "Rīgas siltums" expressed no confidence in the chairman of the management board, Ilvars Petersons, for the lack of proactive actions in the process of preparing and approving the tariff. Since September 5, the position of chairman of the management board has been taken by former board member Kalvis Kalniņš, who, in addition to his previous duties, also took on the responsibilities of Petersons.
The initially submitted tariff for thermal energy by "Rīgas siltums", which included an unforeseen expenses component of €2.05 per MWh, anticipated an increase of 21.5% – to €90.15 per megawatt-hour. However, after the tariff review, starting from October 1 of this year, the tariff will increase by 11.9%, amounting to €83.01 per MWh.
Currently, the final tariff for thermal energy from "Rīgas siltums" with an unforeseen income component of €3.6 per MWh is €74.17 per MWh.
The turnover of the "Rīgas siltums" group in the first half of the financial year, from October 1, 2024, to March 31, 2025, amounted to €189.28 million, which is 12% less compared to the same period last year. However, the group's profit increased by 31.7%, reaching €33.38 million.
"Rīgas siltums" is one of the main suppliers of thermal energy in Riga. 49% of the company's capital belongs to the Riga City Council, 48.99% to the state (the shareholder is the MoE), 2% to SIA "Enerģijas risinājumi. RIX", and AS "Latvenergo" owns 0.005% of the shares.
