On Tuesday, 23 August, Latvia’s government approved the allocation of EUR 193.483 million from the state budget for emergencies in order to secure natural gas reserves.
Energy reserves are natural gas reserves owned by the state and which Latvia maintains at a specific volume at Inčukalns underground gas storage facility in accordance with Section 82.1 of the Energy Law in order to ensure uninterrupted gas supplies and prevent an energy crisis.
Funding was allocated to ensure implementation of the objective of the law.
The Cabinet of Ministers decides on the use of emergency reserves. The government reviews the necessary volumes of reserves once every two years.
In spring, when the regulation on energy reserves was passed, the government stated that in order to implement procurement of reserves by 31 December 2022, the Minister of Finance has the right to increase the amount of appropriations detailed in the State Budget Law for the budget programme for emergencies, as well as perform distribution of said appropriations.
Latvia allocates additional funding to secure natural gas reserves
