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Latvian power grid operator Augstsprieguma Tikls to invest EUR 89.05 million in development this year

LETA Latvian News Agency

RIGA, May 23 (LETA) - Latvian power grid operator Augstsprieguma Tikls plans to invest EUR 89.05 million in development this year, of which EUR 29.8 million will be a co-financing from the EU, the company said.

The largest amount will be spent on implementation of the third stage in construction of the Kurzeme Ring power transmission line - EUR 62.1 million of the total cost of the project planned at EUR 128 million.

EUR 4.25 million will be invested in construction of the third power interconnection between Estonia and Latvia and the related infrastructure with the total cost of the project estimated at EUR 102 million.

Nearly EUR 1 million of the total cost of EUR 20 million will this year be invested in construction of a power transmission line between the Riga Thermal Power Plant No. 2 (Riga TEC-2) and the Riga Hydro Power Plant.

Augstsprieguma Tikls said that the above projects with aggregate cost of EUR 250 million had received EU co-financing in the amount of EUR 28 million from the Connecting Europe Facility.

"The new power lines will improve security of energy supply in Latvia, making it a significant transit country between Scandinavia and Europe, which will become particularly important after synchronization with the European power grids planned in 2025," said Varis Boks, CEO of Augstsprieguma Tikls.

In addition, over EUR 22 million will be invested in modernization of the existing power lines and sub-stations in Latvia.

Augstsprieguma Tikls is an independent transmission system operator, which operates the electric power transmission network and ensures security of electric power supply in Latvia, as well as fulfills the following mission: providing power transmission services based on the published transmission service tariffs and providing free third-party access to the transmission network. Augstsprieguma Tikls holds operational control of the transmission system and ensures its stable operation.

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