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Latvia may receive up to €200 million of support to enhance energy independence

To enhance energy independence in Latvia, the country may receive €100 – 200 million from EU’s new RePowerEU fund

Latvia may receive up to €200 million of support to enhance energy independence

Riga, Juni 1 - Neftegaz.RU. According to Baltic News network, the option to borrow money from European Recovery Fund is also open, said Latvian Minister of Finance Jānis Reirs’ advisor Ints Dālderis at a press-conference held on 31 May.

He explained that a total of €20 billion is available for EU member states in this fund.
The money will be distributed based on a formulae taking into account demographic indicators, economic development and other factors.
Currently it’s not possible to accurately say how much Latvia might receive.
However, Dālderis predicts the amount may reach €100 to 200 million.

Latvia will also consider borrowing about €2 billion from the European Recovery Fund, which Latvia has yet to use.
The finding provided to Latvia from the Recovery Fund is EUR 1.82 billion.

Dālderis said the amount of money available from RePowerEU and conditions under which the money may be provided will be known in a couple of the months.
Currently it is not possible to say for certain how this money will be used, because discussions have only just begun.
Dālderis said:
  • It is clear, however, that the money will need to be used on measures intended to help improve energy security and energy efficiency,
  • The Ministry of Economics is asked to prepare with possible investment directions, which may include use of renewable energy resources, improvement of the transmission system, investments into de-synchronisation of Latvia’s energy system from Russia and Belarus
  • The money may be used as investments for the liquefied gas terminal project
Until now conditions of the European Recovery Fund did not provide for investments into gas supply.
However, because the geopolitical situation has changed, and RePowerEU may support promotion of independence of gas supplies.

Director General for Taxation and Customs Union in the European Commission Maria Fernandez said with additional funding from RePowerEU member states will be able to pick the best way to reduce dependence on Russian fossil fuel.
She also said the EC expects Latvia’s 1st payment request from the Recovery Fund and expects it may be reviewed and the payment provided within 2 months.

EC’s developed RePowerEU plan is meant to serve as an addition to the Recovery Fund.
One of the main goals is ensuring Europe’s independence from imports of Russian energy.

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