Latvia's energy strategy must be aligned with common Baltic vision of sector's future - Rinkevics

RIGA - Implementation of Latvia's energy strategy must be aligned with the common Baltic vision of the sector's future, President Edgars Rinkevics believes.

As the president's adviser Martins Dregeris informed LETA, a third discussion on the energy sector's long-term development took place at the president's initiative at the Riga Castle on Monday. The discussion dealt with the planning document on Latvia's energy strategy until 2050, prepared by the Climate and Energy Ministry.

The president expressed the hope for an agreement, if not on an ideal strategy, then on a strategy good enough to start its implementation. Rinkevics stressed that strategies, plans and documents cannot be an end in themselves. Instead, they should complement the results - competitive, secure and affordable energy sources in the region, which support development.

In Rinkevics' view, work on this should start already today. The president therefore called for dialogue with municipalities and devoting time to informing the public. Rinkevics is confident that the time invested in addressing concerns and clarification work will pay off in the long term.

The discussion on the energy sector's long-term development and policies in Latvia was joined by Economics Minister Viktors Valainis (Greens/Farmers), representatives of Saeima factions and industry experts, who commented on the draft strategy.

As LETA reported, the Climate and Energy Ministry in collaboration with industry experts prepared Latvia's draft energy strategy in 2024.

Latvia's Energy Strategy 2050 sets out objectives and priorities to adapt to rapid changes in the global energy sector and ensure a stable, secure and sustainable energy supply in the country.

The strategy states that the energy sector is important for the development of the Latvian economy and for enhancing competitiveness. Energy market volatility, supply chain disruptions, climate change, geopolitical conditions are all factors that affect energy availability and prices, further highlighting the need for energy diversification.

The strategy notes that the energy sector in Latvia accounts for 10 percent of gross domestic product (GDP) and covers a wide range of resources, including electricity, heat and fuels. From industrial production to households, the sector plays a crucial role in the national economy and in the well-being of society.

The strategy sets out a range of scenarios that Latvia could face by 2050 - both optimistic and pessimistic. The alternative scenarios offer flexibility to adapt to changes in global and domestic circumstances. This approach ensures that the strategy is adaptable to different development paths, so that Latvia is prepared for both the opportunities and challenges of the future.

The scenarios are based on how global events unfold. In a favorable scenario, the government's role is to make the most of the opportunities presented, while in an unfavorable scenario it is to help society and businesses overcome the challenges - to stabilize the economy and ensure energy security.

The baseline scenario offers a vision of a possible energy development path based on current trends. The 2050 baseline scenario envisages an energy portfolio dominated by renewable energy.

This scenario foresees a significant increase in biogas, wind and solar energy, which will reduce the use of fossil fuels. A gradual shift towards renewables will contribute to a more video-friendly and secure energy supply.

The strategy will be updated regularly to adapt to changing circumstances, and a monitoring mechanism will be put in place to know where we stand at any given moment and which policy roadmaps need to be triggered, the ministry said.