Lithuania’s first commercial offshore wind farm project cannot be implemented under current market conditions, Energy Minister Žygimantas Vaičiūnas said Wednesday, urging state-owned energy group Ignitis Group to immediately publish its cost-benefit analysis of the development.
The comments came after Ignitis Group submitted an analysis of the planned 700-megawatt Curonian Nord offshore wind project to the Energy and Finance ministries at the end of June. The project is estimated to be worth about 3 billion euros.
“The first offshore wind project, Curonian Nord, is not feasible on commercial terms at the moment,” Vaičiūnas told the parliamentary Audit Committee. “It would probably be appropriate for the company to say this, but I have a responsibility to state it, taking into account the overall global situation.”
The minister declined to discuss details of the analysis but said Ignitis should disclose it without delay rather than waiting several weeks, as previously indicated by the company’s management.
“I would invite Ignitis to do this immediately, in line with the procedures applicable to a listed company,” Vaičiūnas said. “This is not really a question of confidentiality. It is a matter of transparency.”
