Energy resources whose prices in the Baltics cannot be controlled must be replaced by those whose prices can be controlled, says Hando Suters, chairman of the board of the Estonian energy company Eesti Energia.
He explained that the people of the Baltic States will not be able to endure high energy prices for a long time, given the level of income in society. That is why they simply cannot remain at such a high level – it is not sustainable.
“I am sure that prices – at least for electricity – will fall. But if we talk about oil, for example, it is outside our sphere of influence, because they are set in global markets. If we talk about gas, it is quite a politically influential resource. , especially when we talk about our eastern neighbor, “said Suter, adding that his recommendation is to replace the energy resources that are beyond the control of the Baltic states with the energy resources that we can control.
He stated that a large part of electricity in the Baltic States, and especially in Latvia, is still produced from gas.
Suters stressed that electricity prices will remain volatile. “I will not be surprised if we see days this year when the price of electricity is close to zero, but I will also not be surprised if we experience sharp price jumps again. It is possible,” he said.
The head of Eesti Energia predicted that this would make prices unstable, a bit unpredictable, but at the same time there were many things anyone could do to try to protect themselves from it. Firstly, it is about fixing prices and avoiding unnecessary risk. Secondly, we need to think about energy efficiency. Including opportunities to produce and store energy themselves.
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