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The modern Skanste business quarter is being filled even more with companies focused on sustainability – this is confirmed by recently concluded long-term cooperation agreement between the Riga’s greenest office complex Verde and Enefit group, which is the largest wind energy producer in the Baltic states and second-largest electricity merchant in Latvia.

Rise in electricity prices and unstable geopolitical situation have facilitated support of the residents of Latvia to dealing with the national matters in relation to energy independence.

Due to the changing electricity market prices, the Latvian public has become increasingly interested in changing the electricity trader in recent months. Enefit, the second largest electricity trader in Latvia, increased the number of household customers by about 50% in the fourth quarter of last year, thus achieving significant growth in the private customer market, and is now providing electricity to 50,000 households.

In the wake of the energy crisis in the country, the government has decided to compensate for the increase in the price of natural gas to the citizens. State aid can also be granted to the owner or manager of an apartment building if natural gas is used by households.

To mitigate the impact of electricity price hikes, the state has increased the support mechanisms for all Latvian electricity users.

The moment when the government finally decides on support to offset price rises seems hopeful for many, like a long-awaited respite from the stress of energy price hikes. It is important to remember that the support measures implemented and still to be planned will cost more than 400 million euros.

To mitigate the impact of electricity price hikes, the State has introduced two support mechanisms for all Latvian electricity users: a 50% reduction in the distribution system service charge and a 60% reduction in the mandatory purchase component (MPC).

Within the framework of the European Green Deal, Latvia is obliged to meet serious commitments to reduce greenhouse gas emissions in the transport sector. According to the RTSD (CSDD) database, at the moment, the total number of registered vehicles in Latvia is currently 982,000, 1,965 or only 0.2% of which are powered by electricity.

The Estonia Mine in Ida-Virumaa is the largest underground mine in Estonia – it would be as large as the city of Tallinn when raised to the ground. The mine can function thanks to powerful pumps, the largest of which (560 kW) are connected to Eesti Energia's Virtual Power Plant. Each cubic metre pumped means electricity consumption that can be reduced by up to 7% per year with this solution.

At the end of 2020, Liwathon E.O.S., the largest independent oil products terminal operator in the Baltic region, connected its electric heating of transport pipelines to Eesti Energia's Virtual Power Plant in order to sell surplus energy back to the grid and thus generate additional revenue.

Estonian state-owned Eesti Energia Groups subsidiary renewable energy company Enefit Green, which is the largest wind energy producer in the Baltics, has made significant investments and produced 557 gigawatt hours of electricity in the past six months.

Data from the Nord Pool stock exchange, Europe’s leading electricity manager, show that the price of electricity has almost doubled in recent months compared to last year. This trend is mainly driven by the sharp rise in carbon prices and the steady growth in electricity demand as the economy recovers from the constraints of the global pandemic.

Constantly fluctuating electricity prices combined with the growing requirements to reduce the environmental impact from companies are forcing entrepreneurs to look for ways to make their operations greener and sustainable.

Enefit, the second largest electricity trader in Latvia, has developed a unique green electricity purchase solution, which reduces electricity costs for companies at the same time contributing to their sustainability. Enefit is the first power trader, which offers long-term power purchase agreements (PPA) in the Baltic States.

Enefit, the second largest energy trader in Latvia, has more than doubled its customer portfolio in 2020, thus continuing successful growth in the household market. Rapid development was achieved in the segment of energy solutions as well by installing more than 100 solar energy solutions and increasing the number of energy efficiency improvement and sustainability promotion projects implemented in companies by 15%.

Ørsted, the global leader in offshore wind, and Enefit, a leading utility and the largest wind energy company in the Baltics, have today signed a memorandum of understanding (MoU) which outlines a vision for becoming the leading offshore wind developer in the Baltic countries.

Following the increasing interest of consumers in the possibility of using sustainable and environment-friendly solutions in everyday life, the second largest electricity merchant in Latvia, Enefit, has introduced in the Baltic countries a unique offer of renewable energy for households: a possibility to choose which type of green electricity to use in your home: generated by wind or by solar energy.

It comes as no shock that for many industries, last year's growth trends were directly affected by the spread of Covid-19 and the relentless struggle of dealing with the consequences of various restrictions.

The number of households and companies in the Baltics, that became electricity producers instead of consumers has more than doubled last year. Also in Latvia, the number of microgeneration projects in 2020 has increased by 66%, and, according to the aggregated data from the energy company Enefit, it is mainly caused by the solar energy solution installation.

The European Union has said strictly that its direction of development is painted in green. By 2050, Member States of the EU must reach the point, where nature is able to fully absorb the carbon emissions generated by the operations of humans.

Changes have taken place in the Board of SIA Enefit, subsidiary of the Estonian energy company Eesti Energia, as the previous Head of Business Development and Board Member of Enefit Krists Mertens was appointed as the company’s Chairman of the Board.

Enefit, the second largest electricity seller in Latvia, has built the first liquefied natural gas (LNG) plant required for processing at Līcis-93 in Kolka.

Green energy is an almost ideal solution for a better day-to-day life: it’s environmentally friendly, has great potential and is a good investment in the future that can operate without State subsidies even now.

Enefit, the second largest electricity trader in Latvia, increased its client portfolio three times in 2019 and reached a turnover of 58.06 million euros, thanks to a successful start in the household market. In total, transactions on the sales of 1017 GWh electricity and 330 GWh gas were concluded. Compared to 2018, the number of energy efficiency projects increased three times, thereby modernising the energy field of Latvian companies.

Although solar is not yet a sufficiently popular energy source in Latvia, the interest of households in solar energy is growing rapidly. Data summarised by Enefit clearly show that the number of households producing their own energy has doubled in the past three years. This year’s survey demonstrated that 30% of Latvian consumers were considering installation of solar energy solutions in their homes. .

During the couple of weeks since the energy company Enefit started selling electricity to Latvian households, high interest in the offer from the company has enabled them to rapidly strengthen positions in this market segment. At the moment, Enefit already provides electricity to more than 1,200 households.

Enefit, the second largest energy trader in Latvia, has continued its growth in 2018 by expanding its customer portfolio and increasing the volume of energy sold by 15%. The development of the company was primarily determined by the successful offering of energy efficiency solutions as well as active operation in the newly opened natural gas market.

By opening an improvised place of selling in the Vegetables Pavilion of Riga Central Market on 5 March, Enefit, a subsidiary of the largest energy producer in the Baltic Region, Eesti Energia, commenced selling of electricity to Latvian households, thus reminding each inhabitant that the electric energy market is open.

The power industry reached a kind of maturity last year when consumer costs for electricity and natural gas were primarily influenced by global open market processes and not by changes in local market regulations or the infrastructure.