Latvia Economic and Fiscal Outlook
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WHILE LATVIA IS TECHNICALLY CONNECTED TO BRELL SYSTEM, IT IS ALREADY
INTEGRAL PART OF SINGLE EU POWER MARKET AND HAS DIVERSIFIED POWER SUPPLY
Latvia has strong focus on energy security and renewables
Latvia can operate independently from Russia electricity
supply
From May 22, 2022 there are no electricity imports from
Russia, just parallel synchronisation operations
Large amount of electricity generated in hydropower plants,
and gas reserves already swiftly provided by «Latvenergo» can
be used for production of electricity and heat in power plants
The Baltics is connected to European power system with four
powerful interconnections. In case of sudden disconnection
from BRELL¹ system, emergency synchronization would be
immediately ensured
Latvia energy mix 2020
Latvia gross final energy
consumption in 2020
Latvia is among the greenest electricity producers in EU -
62% of electricity was generated from renewables in 20212
3rd highest overall share of gross final energy consumption
from renewable sources among EU countries in 2020*
5th largest share of renewable electricity production among EU
countries in 2020**
1BRELL: Belarus, Russia, Estonia, Latvia and Lithuania
2 Source: https://www.ast.lv/lv/electricity-market-review?year=2021&month=13
*Source: https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Renewable energy_statistics
** Source: https://ec.europa.eu/eurostat/web/energy/data/shares
10
5.2 %
Other
39.6%
42%
■Renewables
■Renewables and
biofuels
35.7 %
■Oil and petroleum
products
58%
■Natural gas
19.9 %
Source: Eurostat
Other
Way forward
1990: focus on gas as a main source of electricity and heat generation
2020: diversification among hydropower, wind, solar, biomass and other
renewables, the share of the latter reaching 42% of gross final energy
consumption in Latvia
2050: continue to use hydropower, wind, solar, biomass, but fossils are
replaced with other renewable (potentially including hydrogen)
Full synchronization of Baltic power system with European Continental
Network by 2025. Full independence from Russia
Several large investment projects planned, for example:
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ELWIND offshore wind farm project between Estonia and Latvia
(planned to be implemented by 2030)
Latvenergo and Latvijas valsts meži (state-owned land managed) in
a joint onshore wind parks project (planned to be implemented by
2030)View entire presentation