EU allocated €720 million for synchronization of energy systems of Baltic countries

The European Union has allocated €720 million for the project on synchronization of the Baltic energy systems with the continental part of Europe. It was stated by the head of European Commission (EC) Ursula von der Leyen at the press-conference in Brussels on October 2.

“Today is a very important day for Europe. We take a big step to unite Europe and show European solidarity in action. Last night we allocated €720 million to link the Baltic energy system with the rest of Europe,” the head of the European Commission said.

The project is expected to be implemented in five years and the synchronization of energy systems of the Baltic States will go through Poland.

In June last year, the leaders of Latvia, Lithuania, Estonia and Poland, together with representatives of the European Commission, signed a road map for synchronization of power grids with the continental European network. It is noted that the agreement was preceded by the signing in March of an agreement on financing the first phase of synchronization in the amount of € 323 million.

Energy synchronization of the European Union and the Baltic States was one of the first priority projects of the European Commission in the framework of building the EU Energy Union, writes Deutsche Welle.

A few years ago, the European Union presented a strategy to create an economy with zero carbon emissions by 2050. To achieve this goal, it will be necessary to invest additionally from €175 billion to €290 billion per year in the development of environmental energy.