Lithuania’s econmin: Baltic energy market needs real competition

Oct 30, 2012

VILNIUS/HELSINKI – Lithuania’s Minister of Economy Rimantas Zylius (pictured) in an ongoing Nordic-Baltic Conference of Heads of Governments in Helsinki, Finland, said that Baltic energy and gas markets require realistic competition in order to resolve structural issues of the sector. Prime Minister Andrius Kubilius delegated Zylius to attend the meeting.

"Today, we are implementing strategic projects - the electrical connections to the European Union countries, liquefied natural gas (LNG) terminal which will help to resolve energy isolation of the Baltic countries. However, in order to ensure favorable price to consumers we need to create a real competition, "said the Minister of Economy.

Zylius stressed that the problem will not be resolved if gas is continuously purchased under long-term contracts, therefore LNG terminal is crucial in terms of long-term competitiveness.

"In 2015 our contract with Gazprom ends. If by that time the Third Energy Package of the European Union is not implemented and alternative gas supply is not ensured, for at least another ten years Lithuania will be tied to the monopoly supplier," said Zylius.

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