After mandatory procurement component lifted, electricity bills could fall by 20% in 2020 - Nemiro

RIGA - After the mandatory procurement component is lifted, electricity bills could fall by 20 percent in 2020, Economy Minister Ralfs Nemiro (KPV LV) told LETA.

He said that the Ministry of Economics has been tasked to come up with a plan of action on the lifting of the mandatory procurement by March 31, which he said will be completed in time. Nemiro added that the plan could be already be submitted for government review at the next Cabinet meeting.

However, he added that he will ask the government for a two-month extension, with the aim of completing a more comprehensive plan of action in lifting the mandatory procurement component. As soon as the government accepts this, the ministry will also begin work on the introduction of the necessary legislation and regulations, which will be submitted to the government by the end of the year.

''We do not have precise calculations at the moment, but the aim is to reduce electricity bills for all consumers by 20 percent. However, this will only take place once the new regulations come into force,'' he said, adding that this could possibly take place in 2020.