Baltic, Finnish energy companies call for more investments into security of supply

TALLINN, Jan 18 (LETA--BNS) - At an annual conference of the World Energy Council held in Tallinn, the leaders of energy companies of the Baltic and Finnish region discussed how to ensure security of supply both in the present energy market and in 2030, underlining that investments in electricity networks should be increased.

Vidmantas Salietis, a member of the management board of the Lithuanian energy group Ignitis Group, told the conference that investments are the main bottleneck in the development of renewable energy production, and the problem is getting worse, which is why current investments in electricity networks must be reconsidered.

"If we want to feel safe, we should invest in energy production means that do not depend on third countries. This means that the key to security of supply for both the Baltic states and Europe is obviously the production of renewable energy," he said

Martins Cakste, chairman of the board of Latvian energy company Latvenergo, said that investing is a big risk, but the energy crisis can only be overcome by investing in renewable energy.

"It takes about five to seven years of large investments and a lot of work, and that's how it goes," he added. Cakste pointed out that the crises have already required a lot of investments, but that is what is needed for the transition to renewable energy.

Juha Hiekkala from Fingrid, Finland's national electricity grid operator, also said that Russian energy must be replaced, but doing so requires very large investments, adding that everything necessary to ensure security of supply is currently available in the Baltics and the Nordic countries.

Hando Sutter, chairman of the board of the Estonian state-owned energy group Eesti Energia, said that the current energy crisis is actually an energy war that has been going on for a long time. Sutter added that although 2030 is not far off, energy leaders still have time to achieve their goals by investing even more in renewables.

The discussion panel at the World Energy Council's annual conference with Sutter, Cakste, Salietis and Hiekkala as participants took place on Tuesday.