Latvian energy storage welding price

Why is Latvia struggling with a low energy price?

The government has been panicked by its previous commitments to support green energy companies, which resulted in years of significantly higher costs for consumers. However, as Latvia prepares to liberalise its natural gas market, competition is likely to increase, potentially leading to lower energy prices. Continued investment in renewables

Is a new LNG terminal being planned in Latvia?

A new LNG terminal is being planned in Latvia. An international group of investors is ready to commit €150m (US$163m) in a floating regasification unit in the Skulte Port area, 2.5 km offshore off the coast, with a 34-km pipeline connection to the vast Incukalns underground gas storage facility.

Will Latvia achieve 800 MW of wind power by 2030?

If both projects move ahead as expected, Latvia is likely to achieve its target of 800 MW of wind-generated power by 2030. While Latvia plays catch-up, Estonia and Lithuania continue to invest in wind power.

Will a new public company build Latvia's wind farms?

There are two prongs to this strategy. First, a new public company—Latvijas veja parki (Latvia’s wind farms)—was founded by the electricity utility Latvenergo and Latvia’s State Forests, which manages Latvia’s 1.63m hectares of state-owned forests. It is hoped that this will allow for a more rapid construction of the wind farms.

Where will Baltic gas storage facilities be restocked?

Baltic gas storage facilities will be restocked through the new shared Estonia-Finland LNG terminal in Inkoo, Finland, as well as the Klaipeda LNG terminal in Lithuania. With energy prices declining throughout January and February, reaching their lowest price since 2021, the LNG terminals will be busy over the coming months.

How many wind turbines does Latvia have in 2023?

At the start of 2023, Lithuania had a wind-power generation capacity of 800 MW, Estonia 500 MW and Latvia only 137 MW. Latvia currently has three small wind parks, but has rapidly developed an ambitious new strategy to build at least 100 wind turbines that would produce 30% of Latvia’s total 2022 electricity consumption.