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Tuesday 19.06.2018 | Name days: Nils, Viktors
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Finance Minister: the new support mechanism contributes to green energy production

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Daniels Pavluts

Considering the big potential that Latvia has for the production of electrical energy based on renewable energy sources, the Finance Ministry (FM) will develop a new mechanism of state support for the further stable development of this industry.

The new mechanism will be directed to the successful future development of the industry, but, at the same time, the new system will be predictable from the point of view of prices, price increase risks will be taken into consideration, it will not create a false motivation for the producers of green energy and will help ensuring competitiveness of Latvian businessmen and Latvian economy.

«The support system for the production of electrical energy from renewable energy sources still causes a wave of questions and doubts regarding the fairness and responsibility of the new system. There is no doubt that Latvia must support and contribute to the production of green energy, which is not just a question of environmental protection, but Latvia’s energy independence as a whole. However, considering that these costs are covered by every consumer, there must be certainty that this system is operating effectively and that it complies with the issues of competitiveness of the state economy,»- claims FM Daniels Pavluts.

FM notes that the current support mechanism of the production of green energy from renewable energy sources was not stable enough. A detailed analysis proved that the main problems of this system were: perpetual support for compulsory procurement; uncontrolled influence on the end tariff; support was not technologically neutral (electric energy producers had little motivation to reduce costs related to the production of energy and the realization of different projects); imperfect mechanisms for monitoring and surveillance.

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