Energy, Financial Services, Good for Business, Latvia, Legislation, Markets and Companies

At the same time, energy efficiency measures will ensure rational use of energy resources that promote competitiveness of companies and Latvian national economic development in general, the ministry said.

In early 2016 the Saeima adopted the Energy Efficiency Law that provides that companies should establish energy management system, conduct energy audits, introduce energy efficiency measures and report on their performance to the Economics Ministry.

According to the ministry’s information, 149 large companies and industrial power consumers with the annual consumption over 500 MWh have introduced energy management systems or conducted energy audits.

Companies that are not large companies but are large energy consumers should conduct these measures by April 1. So far the ministry has received information about performance of 288 companies.

Companies that have completed some energy efficiency measures already in 2016, reported on saving 80 GWh and more than EUR 5.7 million in costs.

The Economics Ministry reminded that companies whose energy consumption in 2017 exceeded 500 MWh and who have not submitted information on the performed energy efficiency measures by April 1, will have to pay energy efficiency duty. The payment will be transferred into the energy efficiency fund, and Development Financial Institutions Altum will use this fund to support different energy efficiency measures.