Guntars Balčūns: A vaccine for economic recovery

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Various solutions are being sought around the world to stimulate the economy. Among them are both European Central Bank monetary stimulus policy, both European Commission the Recovery and Sustainability Plan developed (Recovery and Resiliance Facility). Both policies cover a broad economic stimulus package. In this context, the active involvement of both governments and central banks is particularly important in order to minimize the impact on the world economy.

The development of an effective vaccine is also very important in overcoming the crisis. A vaccine against the new coronavir, developed jointly by US pharmaceutical giant Pfizer and German company BioNTech, has been reported to be 95% effective against Covid-19 infection in the third phase of trials.

The development of other vaccines also raises hopes that we will be able to overcome the Covid-19 crisis successfully and that business will return to normal. This is also the expectation of the world’s largest stock exchanges, where stock price indices have risen significantly following the spread of positive news about the effectiveness of the Covid-19 vaccine.

Among the many sectors of the economy, the negative impact of the pandemic on the energy industry has been much smaller. The total Baltic electricity consumption in 9 months of 2020 decreased by 3.3% compared to the corresponding period last year. This once again confirms that electricity is very important and without it economic development is not possible. Every customer must be praised here!

To mitigate the impact of the pandemic on the economy, the European Commission has identified a “green course” as one of the tools to help speed up the recovery and exit the crisis. We are already seeing how customer thinking in Latvia and the Baltics has changed.

Our customers are increasingly looking for ways to generate their own electricity and provide their homes with green energy. This is also confirmed by the demand for “Elektrum solar” product in the market. We also expect changes in the direction of e-mobility and an increase in the popularity of electric cars, therefore we are actively creating an electric car charging network.

In addition, we want to invest in green investment projects, “LatvenergoIn accordance with the strategic goals of the Latvenergo Group, all funds raised under the bond program will be invested in the implementation of environmentally friendly investment projects.

I wish every client strong health!

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