With the Baltic Energy Hub, intended to be capable of generating up to seven times more renewable electricity than the region's consumption needs, it could provide the Baltic States with a significant contribution to Europe's decarbonization targets.
The project also has the potential to produce new energy products, such as green hydrogen and its derivatives, on a large scale and at affordable prices.
"If we succeed, the Baltic States could become a major player in the European energy market," said Lithuanian Energy Minister Dainius Kreivys. "This energy hub can stimulate further growth in renewable energy, attract industries looking for sustainable energy solutions and ultimately bring economic benefits to the whole region."
Latvian Climate and Energy Minister Kaspars Melnis (Greens and Farmers Union) said: "The Baltic States are rich in natural resources, we have huge potential to produce green energy, providing lower prices for citizens and businesses, ensuring the region's competitiveness and becoming a stable and sustainable energy export partner for Europe."
