This is a best prospect industry sector for this country. Includes a market overview and trade data.
Due to substantial hydroelectric capacity, Latvia already has one of the “greenest” supplies of energy in the world, with green sources of energy making up about 40 percent of total energy consumption. However, the European Union has set ambitious goals to reduce the effects of climate change and increase renewable energy use. The current EU policy dictates that Latvia must increase the share of renewable energy in its final energy consumption and Latvia has plans to reach 50 percent by 2030 according to the EU’s National Energy and Climate Action Plan 2030.
Much of Latvia’s heat and electricity still comes from imported natural gas. The Latvian government is interested in diversifying supplies and in developing more local resources to reduce the country’s reliance on foreign sources of energy.
To reach these targets, government agencies and entrepreneurs have discussed options to move beyond hydropower into wind and biomass power plants. Many stretches of the Baltic coast have wind conditions suitable for wind parks, especially offshore. Over half of Latvia is covered by forest, so wood biomass presents excellent potential for further development. In addition to renewable energy projects, Latvia remains interested in pursuing a possible liquefied natural gas (LNG) terminal to enhance its energy supply source diversity.
The best prospects for U.S. exports in the renewable energy sector include energy-efficiency solutions and equipment, combined heat and power turnkey plants, biomass gasification technology, wind parks, hydrogen, and related technology.
Please note the Supplement to the Official Journal of the European Union dedicated to European public procurement and the Latvian Export and Import Directory
The most promising sectors for renewable energy equipment in Latvia are energy efficiency solutions, biomass power, wind energy, and energy produced in combined heat and power plants.
While the Latvian government provided support in the past for the production of energy from renewable energy resources (wind, biomass, etc.), the government has suspended the existing support mechanism for renewables and is currently developing a new support plan.
- Ministry of Economy, Energy Department
- Latvian Investment and Development Agency
- Investment and Development Agency of Latvia - Environment and Renewable Energy Industry
- Public Utilities Commission
- Housing and Energy Conservation Bureau
- Skulte LNG terminal project