Tuesday, November 29, 2022
HomeFinanceLithuania to save 800 mln euros in next 2 years with new...

Lithuania to save 800 mln euros in next 2 years with new energy-saving plan

The Lithuanian government has approved a new set of energy-saving measures which would see a reduction of energy costs by 800 million euros and help the country save 20 per cent of energy within the next two years.

The government expects that an estimated figure of 100 million euros will be saved by the public sector, 300 million euros by businesses and 400 million euros by households within the next 24 months. The energy-saving plan – which is based on the recommendations of the European Commission as well as the International Energy Agency – will be mandatory for the public sector and recommended for businesses and private individuals.

The Ministry of Energy also published an analysis which shows that buildings and transport account for a majority of energy consumption, thus the latest efficiency measures are aimed at these sectors.

The biggest energy losses are caused by old construction and low-energy efficiency buildings and investments that have not been carried out for many years. Therefore, the biggest saving would come in the form of a reduction of energy losses, by combining investments in the energy efficiency of buildings with robust saving measures, such as turning off the hot water, reducing the heating temperature, excess electrical power, lighting intensity and changes to consumer behaviour.

According to preliminary calculations, taking into account rising energy prices without any energy saving measures, the total cost of heating and electricity costs for Lithuania may reach a figure of 250 million euros, up from 98 million euros last year.

Energy saving targets will also be set for central government institutions and state-owned enterprises, with the latter being required to achieve those targets within the next two years.

The package of new measures to strengthen the country’s energy efficiency will cost around 1.3 billion euros, of which 207 million is allocated for the public sector, 900 million for residents and 225 million for business. The budget is set until 2027.

Sign up to our biweekly newsletter

    Most Popular