Lithuanian energy minister says Belarus will lose hundreds of millions of euros due to Baltic boycott of its electric power

By bne IntelliNews August 27, 2020

The Baltic states' joint boycott of electricity generated at the Astravyets nuclear power plant (NPP), situated around 50 kilometres from the Lithuanian-Belarusian border, will cost Belarus "hundreds of millions of euros" in lost revenue annually, Lithuanian Energy Minister Zygimantas Vaiciunas said on August 27.

All the three Baltic states, as well as Poland and Ukraine, have said they will boycott imports of electricity produced at the plant. Lithuanian PM Saulius Skvernelis expects that the Baltic countries will soon sign a political declaration committing to a boycott of Belarusian electricity once it launches the Astravyets NPP.

Lithuania withdrew on August 26 from the so-called BRELL agreement, which obligates it to exchange emergency electric power reserves with Latvia, Estonia, Russia and Belarus.

 Lithuania attributed its decision to the poor safety of the Astravyets NPP, whose physical launch seems imminent.

The decision will be implemented from next year and Lithuanian will stop providing 100 MW of power reserve to BRELL countries, but will also no longer receive 400 MW of reserve from Latvia, Estonia, Russia and Belarus. Lithuanian TSO Litgrid says it has found another way of securing that assistance – via its links with Sweden and Poland.

The Belarusian energy ministry said earlier this month that nuclear fuel has been uploaded to the Astravyets plant’s first unit.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Lithuania's Siauliu Bankas boosts Q1 net profit 17% to €22.5mn

Lithuania's Siauliu Bankas Group reported €22.5mn in first-quarter net profits, up 17% compared to a year ago, BNS, a Lithuanian newswire, reported on April 29. The group's net interest ... more

Swedbank Lithuania's Q1 net profit down 15% y/y to €84mn, revenue up 25%

Swedbank Lithuania, one of the country's largest Scandinavian banks, said that its first-quarter net profit fell by 15.2% year on year to €84mn, BNS, a Baltic newswire, reported on April ... more

SEB Lithuania's Q1 profit edges down by 2% to €74.2mn

SEB, one of Lithuania's largest banks by assets, earned a non-audited net profit of €74.2mn in January-March, down by 2% from the same period last year, BNS, a Baltic newswire, reported on ... more

Follow Us On

Most Read

  1. The models are wrong, climate change is accelerating faster than predicted
    6 days ago
  2. Russia already treating Bosnia’s Republika Srpska as an independent state
    6 days ago
  3. Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
    5 days ago
  4. Putinomics: Russia’s oil and gas revenue to double in April
    6 days ago
  5. Don't mention the "D" word - Ukraine
    11 days ago
  1. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  2. Russia could pay off its entire external debt tomorrow, in cash
    1 month ago
  3. Saudi Arabia to scale back plans for Neom city
    21 days ago
  4. Iran vs Israel: Who is better equipped for war?
    18 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    1 month ago

Reports

Dismiss