“Efficiently operating electricity and gas markets are vital for the energy security and economic wellbeing of Lithuania. Having these in place, we will prevent monopolists from dictating unreasonably high prices for gas and electricity,” the President said.
The President thanked the European Commission for daring to launch an investigation into Gazprom’s monopolistic dominance. According to the President, EU’s support is essential for Lithuania in implementing the Third Energy Package which stipulates the unbundling of the ownership of gas production, supply and transmission operations. Arterial gas pipelines will become state-owned and monopolistic gas supplier Gazprom will be unable to restrict gas flows from other suppliers.
President Dalia Grybauskaitė underlined that Lithuania’s aspiration for energy independence had become a common interest of the entire EU. At the European Commission’s initiative, the EU’s new financial framework suggests substantial funding to build new electricity and gas links. They are necessary not only for the purpose of reducing energy isolation – building energy infrastructure will also contribute to the economic growth in Europe.
The construction of the LNG terminal in Klaipėda and Poland-Lithuania gas pipeline and the implementation of power interconnection projects will provide alternative energy supply sources for Lithuania. The resulting competition will ensure lower prices for gas, heat and electricity to energy consumers.
Lithuania has already joined the Northern European electricity market NordPool. However, to ensure full operability of this market, a power link between Lithuania and Sweden and the second connection between Estonia and Finland need to be built. Lithuania is already working on the project of power interconnection with Poland which is necessary for synchronous operation with the Continental European network.
The meeting also touched on the progress of the Visaginas NPP project and its significance to the regional development. This summer, the EC positively evaluated Lithuania’s initiative to increase electricity generating capacities through building a nuclear power plant.
