The ministers of the three Baltic States signed on Wednesday in Riga a declaration on energy supply reliability, which provides for the formation of a single gas market in the region and connecting the Baltic countries with the West European power systems, LETA/Public Broadcasting reports.

Urve Palo, Dana Reizniece-Ozola and Rokas Masiulis. Riga, 14.01.2015. Photo: em.gov.lv

Estonia's Economic and Infrastructure Minister Urve Palo said in Riga that Estonia considers creation of a liberal and transparent energy market in the Baltic States important. "We want, together with Latvia and Lithuania, to guarantee a solid foundation for the functioning of the market, infrastructure development and ensuring supply security, in order to act in solidarity in the event of supply difficulties," she added.

The Minister pointed out that the Inčukalns gas storage, and the newly opened LNG terminal in Klaipeda are important in ensuring energy independence and supply security. "There must be working rules to ensure on equal basis the access of other states to the Incukalns storage," said Palo.

Estonia considers it important to develop crisis management activities together too. Although the work has been started, decisions on sensitive issues have to be made such as gas volumes distributed in crisis situations, price formation principles and possible additional costs. "Therefore, Estonia considered it necessary to initiate a joint declaration, to proceed with more detailed activities," said Palo.

The energy supply reliability declaration was in addition Urve Palo signed by the Minister of Economy of Latvia Dana Reizniece-Ozola and Lithuanian Minister of Energy Rokas Masiulis.