Energy, Energy Market, Latvia, Markets and Companies

Vejonis said the global energy industry was undergoing serious changes as a result of climate change mitigation, rapid development of advanced technologies and other factors, the presidential press service reported.

"Our country is an integral part of global processes. If we want Latvia to be ready for new challenges, we must improve energy self-sufficiency through wider use of local energy resources. Reducing energy imports is the key measure for national energy and economic security," the Latvian president said.

Juris Ozolins, the chairman of the Energy Security Commission, presented to Vejonis a report prepared by the commission. He said that the Paris climate agreement had created new challenges to the world countries that were related not only to climate but also to environment, energy, transport, agriculture and other branches of the economy.

Sufficiency, availability and sustainability of energy resources are the energy security fundamentals of any country, and use of local renewable resources is important for further development of the Latvian energy industry, Ozolins said.

The commission has concluded that new regulations should be drafted by 2018 to encourage wider use of local resources and the latest technologies as well as consumers' involvement in optimization of their energy consumption in the period from 2020 to 2030.

The Latvian president praised the work by the Energy Security Commission and called for a wider debate among the stakeholders on the future of the energy policy as part of the series of seminars on security organized at his initiative.