EU energy market reform must act as stimulus to investment into renewable energy - Rinkevics

  • 2023-02-21
  • LETA/TBT Staff

RIGA - The European Union's (EU) energy market reform must provide a stimulus to investment into renewable energy sources, Latvian Foreign Minister Edgars Rinkevics (New Unity) said at a meeting of the EU's General Affairs Council today. 

LETA was told at the Foreign Ministry that the meeting of the General Affairs Council featured an exchange of views on an annotated draft agenda of the European Council on March 23-24, including topics related to Ukraine and Russia, economy and energy.

Rinkevics voiced his support for the agenda of the European Council to be held in March. In a discussion on energy and the next winter period, the minister drew attention to the need to take stock of progress in the EU’s energy sector. 

The Latvian minister believes that regardless of this year's warm winter, vigilance needs to be maintained and attention paid to the situation in preparation for the next heating season. Therefore, any further work must be preceded by a systematic and broad assessment of a possible electricity market reform. 

It is also important for the reform of the EU electricity market to provide an incentive for investment in renewable energy, Rinkevics stressed. 

Discussions at the meeting dealt also with the long-term competitiveness and productivity of the EU economy.  Rinkevics indicated that an open and ambitious trade policy was an essential pillar for enhancing the EU’s competitiveness.