Memorandum on Baltic interconnection plan signed in Brussels

June 18, 2009 at 11:32 am Leave a comment

As the BNS writes the leaders of all Baltic Sea countries and European Commission President Barroso signed in Brussels on June 18 a memorandum of understanding on the Baltic Energy Market Interconnection Plan, thus marking the launch of the implementation of this action plan.

Lithuanian Deputy Energy Minister Romas Svedas, who is a member of the EU’s high-level group on developing the plan, confirmed the signing of the memorandum.

“This is an unprecedented fact in the European Union’s energy policy history: such an important document has been worked out within such a short period of time — eight months. The annexes [of the document] set out how and when a Baltic energy market will be established and integrated into the Nordic market,” he told BNS.

Svedas pointed out that the document identifies concrete projects, amounts of money and the main companies responsible for their implementation.

“This is a conceptual and phenomenal document and a good example for other EU regions, defining the energy development policy. This is a long-term document that is integrated into the period of Sweden’s presidency of the EU, which means that a focus will be given on a strategy for the whole Baltic Sea region, encompassing science, culture, energy and transport,” the official said to the BNS.

“The Baltic states, which are an energy island, must be integrated into the EU’s internal energy market and the energy island label has to be eliminated,” he said.

The European Commission’s president and the leaders of Denmark, Estonia, Finland, Germany, Lithuania, Latvia, Poland and Sweden signed the memorandum on the eve of the European Council meeting in Brussels,

The memorandum underlines the need for a further development of the electricity and gas markets in the Baltic Sea region and their integration into a wider EU energy market, as well as for promoting investments.

According to the document, the three Baltic countries aim to create a level playing field in the electricity market, open up to free international trade, and establish free competition and pricing policies.

In the gas market, their main goals are to find the cheapest solution for linking Finland and the Baltic countries to an integrated European gas network and new sources of supply, as well as to accelerate the opening of the market.

The European Union has earmarked 175 million euros for the planned power interconnection under the Baltic Sea from Sweden to Lithuania. Another 100 million euros should be provided for a second interconnection between Estonia and Finland.

The countries are to submit their joint application for the EU’s funds by Jul. 15.

Source BNS

Entry filed under: Baltic States, Denmark, Economics, Energy, Estonia, EU, Finland, Latvia, Lithuania, Northern Europe, Poland, Politics, Scandinavia, Sweden. Tags: .

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