Energy, Energy Market, EU – Baltic States, Latvia, Lithuania

"I would back that idea. We see how well this cable is impacting prices. Of course, there are technological problems that prevent it from operating all the time. But these problems will be fixed. With a second cable in place, it would have an even greater impact on electricity prices than it has now,"said minister.

The minister says that the possibility of building a second power link has already been discussed with Swedish officials.

"I have discussed this issue with the Swedish energy minister. I asked how the Swedes would look at this. Simply speaking, the Swedes would analyze such a possibility," told Masiulis.

"It has to be determined technically what place in Sweden the cable has to be laid to and whether it would start from Lithuania or Latvia. I have mentioned it to my Latvian counterpart that perhaps we could discuss it and think about developing a second cable to Sweden," he said.

Masiulis thinks that the second cable could be laid from Latvia, but that would have to be discussed with the neighbors.

"We have already done one project and we know the technology. I think we would be ready to develop such a project, but we have to discuss it with the neighbors," he said.

According to Masiulis, if electricity prices in Sweden stay at low levels until 2040-2045, as planned, the second cable would bring prices in the Baltic countries further down.

Daivis Virbickas, CEO of Lithuania's electricity transmission system operator Litgrid, floated the idea of NordBalt 2 back in 2015, saying that a second interconnection with Sweden would help keep prices stable, because if one cable went offline, the other would continue operating.