Off the wire
S. Africa busy preparing for FOCAC summit: official  • Volkswagen woes to help Fiat sales, but could also put Italian carmaker on auction block  • Across China: Slow delivery service gains popularity among Chinese young  • China, Interpol pledge closer anti-corruption cooperation  • U.S. stocks rally after Fed minutes  • Croatia, Visegrad Group leaders discuss urgent measures to combat migration crisis  • Spanish stock market rises 1.26 pct, closes at 10,309 points  • 2nd LD Writethru: Fresh clashes erupt in Afghanistan's Kunduz city  • One killed, three more injured after U.S. university campus fight turns violent  • French stock market index up 0.18 on Thursday  
You are here:   Home

Roundup: Lithuania expects cheaper electricity, energy security from Sweden

Xinhua, October 10, 2015 Adjust font size:

Lithuanian officials expect the NordBalt power link between Lithuania and Sweden will ensure the country's energy independence and bring cheaper electricity to Lithuanian market.

These expectations were highlighted on Friday afternoon, during Swedish Royal family's visit at the project's site.

On the third day of the Royal visit in Lithuania, Sweden's King Carl XVI Gustaf and Queen Silvia visited the converter substation for the NordBalt power link between Lithuania and Sweden in Klaipeda seaport, Western Lithuania.

Lithuanian President Dalia Grybauskaite, accompanying the Royal family during their visit at the site, noted that Sweden has emerged as Lithuania's guarantee for energy security.

According to the president, NordBalt will connect the Baltic countries to one of the most secure systems in the world.

"This means that we are more and more interconnecting ourselves economically, energetically," Grybauskaite was quoted as saying to local media at the project site.

She noted Lithuania has been striving for its energy independence from Russia for 25 years.

"We will have huge and very stable basis for our economic performance, economic development, all Baltic countries and the rest of Europe," said Gryauskaite.

The small Baltic State expects the electricity connection will provide Lithuania with cheaper electricity, thus increasing its competitiveness.

"A powerful infrastructure will ensure enhanced energy security for 6 million Lithuanian, Latvian and Estonian people," Daivis Virbickas, chief executive of Lithuania's power transmission system operator Litgrid, said after the Royal visit.

Litgrid expects electricity will start flowing from Sweden to Lithuania, once the power link comes into operation. Such assumptions are based on differences between the electricity prices in Sweden and the smaller Baltic neighbors.

According to estimates from Litgrid, electricity prices will drop by around one fifth at the wholesale market.

Lithuania and Latvia have been currently paying the highest electricity price among all countries operating at the Nordic electricity market, says Litgrid.

Both countries have been developing the 453 km-long cross-border electricity link project worth around 550 million euros (about 627 million U.S. dollars), to connect Lithuania with Sweden and open European electricity market for the Baltic State. The project's 400 km-long marine cable is one of the longest in the world.

The NordBalt power link is scheduled to be opened on Dec. 14 this year. Endit