Posts Tagged ‘Latvia’
€113 million in EU funding allocated to strengthen the resilience of Baltic and Polish electricity grids
The European Commission has allocated €113 million in funding from Connecting Europe Facility (CEF) for critical Synchronisation infrastructure protection implemented by the transmission system operators of Lithuania, Estonia, Latvia and Poland. The implementation of wider range of projects aimed at ensuring energy security against potential cyber and physical threats began on February 9 last year, following the successful synchronization of the Baltic States with the Continental European electricity network.
“Having successfully completed the synchronization project, the Baltic States and Poland continue to invest in energy independence and security. We are grateful to the European Commission for supporting our ambition to make the Baltic Sea region a model for strengthening the security and resilience of critical energy infrastructure across Europe. This funding is the result of our consistent efforts and sets a new precedent, as until now the European Union had no dedicated financing for the protection of critical energy infrastructure. By consistently applying the lessons learned from Ukrainian energy specialists, we are expanding the scope of protection for our critical energy infrastructure projects. We plan to apply for further funding for resilience projects and are actively working to ensure that a long-term EU-level instrument for financing critical energy infrastructure protection is established,” – said Žygimantas Vaičiūnas, Minister of Energy of the Republic of Lithuania.
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Originally published on 28 Jan
Read MoreLatvia’s Fintech Sector Grows in Scale and Regulatory Engagement
Latvia’s fintech industry is entering a new phase of maturity, driven by solid growth metrics, deeper collaboration with regulators, and a more diversified ecosystem. With 126 fintech companies now active across the country, the sector has evolved from a fast-growing niche to a strategic contributor to the national economy.
The latest figures show an impressive rise in both profitability and fiscal impact. In 2024, Latvian fintechs generated over €370 million in turnover and nearly €100 million in net profit—more than double the previous year’s profit. This performance was accompanied by strong contributions to public finances, with over €91 million paid in taxes. Employment across the sector has grown as well, now surpassing 3,600 professionals, many of whom are in high-skilled roles.
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Originally published on 25 Jan
Read MoreEight Baltic Sea electricity TSOs publish offshore system study to promote coordinated sea basin planning
The electricity Transmission System Operators (TSOs) of eight countries bordering the Baltic Sea today published the first comprehensive regional system study for offshore network infrastructure and offshore wind, marking a significant step toward coordinated sea basin planning in Europe.
The TSOs of Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Poland and Sweden – organised in the Baltic Offshore Grid Initiative (BOGI) – developed a study that moves from electricity transmission corridors to potential projects for the 2040-time horizon. The results show that the Baltic Sea region can become a clean energy hub, with around 13 GW of new cross-border interconnectors and up to 50 GW of additional offshore wind identified by 2040. These connections include point-to-point links between countries and strategic offshore nodes such as Bornholm, which could serve as future hybrid hubs. The market modelling indicates that these interconnectors would operate with high utilisation throughout the year and significantly reduce system costs, price peaks and CO₂ emissions.
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Originally published on 22 Jan
Read MoreMarket participants are invited to provide feedback on the Nordic–Baltic Hydrogen Corridor project
The implementers of the Nordic–Baltic Hydrogen Corridor project — the European gas transmission system operators “Conexus Baltic Grid” (Latvia), “Gasgrid Finland” (Finland), “Elering” (Estonia), “Amber Grid” (Lithuania), “GAZ‑SYSTEM” (Poland) and “ONTRAS” (Germany) — have launched a market survey, inviting market participants to express their views by completing a questionnaire on the cross‑border hydrogen infrastructure development project.
At this stage, market participants are invited to take part in shaping the development of the cross‑border hydrogen network by providing their perspectives on the creation of the Nordic–Baltic Hydrogen Corridor, which will strengthen Europe’s energy security and support the transition to a climate‑neutral economy.
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Originally published on 16 Jan
Read MoreMoody’s affirms Latvia’s rating at A3 with stable outlook
On Friday, January 16, 2026, the international credit rating agency Moody’s affirmed Latvia’s credit rating at A3 level, maintaining a stable outlook.
“Latvia has a stable credit rating, and Moody’s decision to confirm the A3 level with a stable outlook is very good news for us. This confirms that geopolitical risk is increasing internationally and investors and lower partners trust Latvia’s ability to develop a developed fiscal policy, ensure the state and adapt to shocks. levels in the region, employee budget sustainability and security, promoting growth. Let us continue this course so that Latvia is an attractive and reliable country for both investors and our people,” says Prime Minister Evika Siliņa.
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Originally published on 16 Jan
Read MoreLatvia Sets Investment Record: Over €1 Billion in FDI Attracted in 2025
In 2025, with the involvement of the Investment and Development Agency of Latvia (LIAA), the implementation of 31 investment projects was launched. The total value of these projects reached €1.01 billion, and 1,350 new jobs will be created. The largest projects last year were related to bioeconomy, smart energy, high-value-added manufacturing, ICT, and other sectors.
Minister for Economics Viktors Valainis: “Latvia aims to be among the most attractive investment destinations in the region, and LIAA’s results in 2025 confirm this—the Agency has attracted the highest investment volume in a single year in Latvia’s history. It is particularly significant that data from the Bank of Latvia show that in the first three quarters of 2025, the total volume of foreign investment increased by €700 million. This means Latvia can and does compete. Our task is to continue improving the business environment, removing obstacles, and ensuring investors have a clear, fast path from concept to implementation.”
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Originally published on 15 Jan
Read MoreMILA Joins the Standardization Technical Committee LVS/STK 59 “Artificial Intelligence”
The Artificial Intelligence Association of Latvia (MILA) has joined the Standardization Technical Committee LVS/STK 59 “Artificial Intelligence,” strengthening professional industry representation in the development and implementation of AI standards in Latvia. MILA is represented on the committee by its co-founder and board member, Gatis Romanovskis.
The Standardization Technical Committee LVS/STK 59 was established in November 2025 to ensure Latvia’s regular and active participation in the development of European and international standards in the field of artificial intelligence. The committee’s scope covers AI terminology, fundamental principles, systems, conformity assessment, as well as the management of ethical and societal aspects, promoting the adoption and practical implementation of these standards in Latvia.
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Originally published on 14 Jan
Read MoreairBaltic Named Among the World’s Safest Airlines for 2026 for Second Consecutive Year
The Latvian airline airBaltic announces that it has been named among the world’s top 50 safest airlines for the second year in a row by Airline Ratings, a global authority on airline news, passenger reviews, and safety evaluations. In its category, airBaltic improved its ranking, rising from 25th place in 2025 to 7th place in 2026.
Pauls Cālītis, Chief Operations Officer of airBaltic: “Safety is the foundation of every decision we make at airBaltic. This recognition by Airline Ratings reflects our safety culture, the professionalism of our teams, and our continued investment in training, modern aircraft, and operational discipline. Operating reliably in demanding winter conditions further demonstrate the robustness of our procedures. Being recognized among the world’s safest airlines for the second year in a row reflects our ongoing commitment to operational excellence and to earning our customers’ trust. We thank Airline Ratings for this recognition.”
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Originally published on 13 Jan
Read MoreBalticSeaH2 Consortium Marks Key Mid-Term Milestone
On December 3–4, the BalticSeaH2 consortium held its annual all consortia project meeting and General Assembly in an online format. The meeting marked an important milestone as the project approaches its mid-term phase.
During the sessions, consortium members presented completed project tasks and deliverables, as well as reviewed progress on ongoing activities. One of the key takeaways was that the implementation of the BalticSeaH2 project is progressing as planned, with approximately one-third of all deliverables already completed – 41 out of a total of 123.
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Originally published on 12 Jan
Read MoreBaltic and Nordic chip centres join forces in a regional partnership
Continuing to expand cooperation between Baltic and Nordic chip competence centres, a memorandum of understanding has been signed between four Nordic centres—Finland, Sweden, Norway, and Denmark—and the three Baltic states.
The memorandum of understanding was signed at a meeting of Nordic chip centres, where the main areas of cooperation were defined to promote joint activities in education, research, and industry support. It is envisaged that cooperation will be expanded in the future to strengthen knowledge exchange and jointly address regional challenges in the semiconductor industry.
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Originally published on 11 Jan
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