Package to Counter the Effects of Inflation and to Strengthen Energy Independence

Country / jurisdiction: Lithuania · Year: 2022 · Status: In force · Level: National · Type: Voluntary

In response to the global energy crisis, the Lithuanian government partially compensated the rise in gas and electricity prices from July 2022 through direct monetary transfers to households and businesses- notably the most affected sectors. A specific support scheme was also implemented to cover heating cost increase, encompassing a larger number of beneficiaries than usual.

As part of the same Package, the Lithuanian government also allocated specific funding to clean energy investment support schemes, such as :

-a new platform financing energy-efficient retrofits and renewable energy installations. It aims to cover 30 % of renovation costs for projects bringing housing to at least a class B energy; performance class ‘B’ of buildings and to deploy renewable technologies;

-subsidies for the construction of private electric vehicle charging infrastructure located in multi-apartment buildings, households and private companies;

- continued financial support for consumers purchasing and setting up of solar panels, and replacing biomass and fossil fuel boilers by modern, energy-efficient systems;

- specific financial support for projects contributing to the deployment of solar and wind power, a well as batteries, renewable-based hydrogen production, or involving energy-efficient retrofits ;

-grants for companies involved in technology upgrades, specifically solar or biofuel production technologies.

Eventually, targeted investment to strengthen national energy security were also enacted, to finance the following projects:

- the construction of four 50 MW battery instalations ("energy parks");

-a public building renovation plan, encompassing solar and wind power installations;

- testing new building renovation standards and setting up a related information management system; and

-building an offshore wind park in the Baltic Sea.

Official source: https://finmin.lrv.lt/en/news/the-eur-2-26-billion-package-presented-to-counter-the-effects-of-inflation-and-to-strengthen-energy-independence