Energy, Latvia, Legislation

Swedbank previously published its own calculations, indicating that electricity prices for households could grow up to 16-43%, depending on the amount of consumption. Meanwhile, Deputy State Secretary of the Economy Ministry, Jurijs Spiridonovs forecasted a 15-30% increase of electricity prices.

Experts admitted that Swedbank calculations are inaccurate. Spiridonovs called them "silly".

"One must understand that the price will depend on the consumption. If I consume 100 kilowatt-hours in the first month, and consume zero during the second, the price growth will have a negative value. How can one say that the prices will grow? One of the other possible scenarios could be that the price of electricity will reduce in certain sectors, reducing the consumption," the ministry's official believes.

Spiridonovs added that for more than 100,000 protected consumers, the prices will remain the same. "It would be more precise to say that the increase of electricity prices will be between zero and some other figure," Spiridonovs admitted.