RIGA – Rising electricity and energy prices are a global issue, and Latvia is no exception, and although we cannot change market prices, we can provide support to those who need it, President Egils Levits emphasized today after a meeting with Prime Minister Krisjanis Karins (New Unity).
The Prime Minister pointed out that although electricity prices in Europe have risen, the government has responded to the challenge with five different types of benefits for the country’s residents – double increase in monetary payments to protected users, doubled housing allowance, seniors over 60 get a EUR 20 monthly allowance all winter long, the mandatory procurement component has been reduced by 65%, as well as the costs of distribution networks have been halved.
“With these five combined types of benefits, we are helping to reduce the population’s expenses in these difficult times. What should we do in the medium and long term? The government heard a report yesterday from the Minister of Economy about the development of wind farms, which is a joint Latvia-Estonian project. The aim is to increase production capacity in Latvia and the Baltics as a whole,” said Karins.
According to him, this will make the market more saturated with produced electricity and will help keep prices lower in the future, while in the short term various benefits will be used, which are already in force.