Nauseda says Lithuania may help businesses amid rising energy costs

VILNIUS - Lithuanian President Gitanas Nauseda said on Monday that measures could be taken to support affected businesses as the Middle East conflict drives up energy prices.

"We discussed what possible measures could be. Lithuania has used such measures during the (coronavirus - BNS) pandemic, business subsidies and certain temporary measures to ease the business situation," Nauseda told reporters after a meeting with the Seimas board.

"It will depend on the long-term nature; if this situation prolongs, solutions would undoubtedly need to be sought. They are being sought throughout the European Union; Germany, for example, has reduced electricity prices or applies a preferential electricity price to its large companies," he added.

Nauseda said Lithuania is joining Germany's initiative and aims to raise competitiveness issues at the European Union level with full seriousness.

The president also reiterated that during the Seimas spring session, he would submit amendments to the law that would allow energy-intensive companies to pay less for electricity and repay the debt later, once Lithuania can supply all its own electricity, adding that the energy infrastructure component would be reduced for energy-intensive companies for a certain period.