Baltic States – CIS, Energy, EU – Baltic States, Forum, Gas, Lithuania

Photo: lrp.lt

During a debate on geo-economic and energy issues, the President focused on the impact of global challenges on the energy market and consumers.

"Global trends show that the era of gas pipelines is over. The future of the energy sector is an open and competitive market, high environmental standards, and the development of renewables. With its own LNG terminal in place, Lithuania has ended power abuse by monopolistic supplier, ensured its energy independence and now stands as a model example of adapting to global energy market changes through an effective use of limited resources," the President said.

According to the President, the LNG terminal launched this last December demonstrates that Lithuania is able to act quickly, adopt strategic decisions and carry out complex large-scale projects. The terminal has ensured secure gas supplies from alternative sources and lower prices for our people. Before launching the terminal, Lithuania had been subjected to several blockades and disruptions of energy supply. Lithuanian consumers paid the highest price for gas across the EU.

Discussions at the forum also touched upon changes in the EU energy market, the impact of rapidly falling oil prices on the world's economy and global processes. The EU imports as much as 70% of its fuel from external suppliers. Gazprom supplies up to one-third of all natural gas consumed in the EU. Russia's aggression and threats to stop the transit of its gas to Europe via Ukraine make the European Union not only diversify gas supplies, explore alternative sources and invest in the development of renewable energy, but also pursue a unified external energy policy and create an energy union.

President Grybauskaite further noted that global challenges required a unified response from the international community. The Davos forum, which brings together global leaders, top business people and representatives of civil society, gives a unique opportunity to come up with global solutions.

This is the 45th time that Davos hosts the World Economic Forum. This year's forum involves around 300 heads of state and government, and about 1,500 business leaders from more than 140 countries. For Lithuania, it is a good opportunity to call attention to the issues important to us, increase its international visibility, and present our achievements to the global audience.