Lithuania is preparing for a second 700 MW offshore wind auction to be announced in January 2024 amid a change to a contracts-for-difference (CfD) auction design and secured EU approval.
The country is aiming to have a total of 1.4 GW offshore wind capacity by 2028, although the deadline seems unrealistic with the recently auctioned first 700 MW project already expected in 2030. Once operational the two farms are expected to produce 6TWh annually which would cover up to half of Lithuania’s electricity demand.
The country has ambitious targets to cover 100 % of its electricity needs with renewables by 2030 and become an electricity exporter in the long run. This could turn Lithuania into an exporter of Guarantees of Origin (GOs) as well.
Background Lithuania is the first from the Baltic nations to have already secured investors for a 700 MW offshore wind project. The first auction launched on 30 March 2023 and in August 2023 the consortium Ignitis Group/OceanWinds was announced the winner…
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