Agreement signed on a Feasibility study for the electricity generation project

Date

2019 03 15

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The Ministry of Energy, US company NET Power and energy innovation company 8 Rivers Capital have signed a Memorandum of Understanding on a feasibility study for a zero-emissions power generation project. This study will thoroughly evaluate all the technical and economic aspects of a zero-emissions 300 MW gas power plant. 

“While implementing the most important project for our energy security – synchronisation of the Baltic power systems with the European grid – Lithuania needs to ensure local reliable and stable electricity production. A power plant using this kind of technology could act as a reliably available source of electricity. The feasibility study will tell us whether a project like this could be technically and economically implemented in Lithuania,” says Minister of Energy Žygimantas Vaičiūnas. 

“Lithuania is leading the drive towards a clean, sustainable world, and we are delighted that it wants NET Power to play a key part in that effort. As it integrates with the European grid, Lithuania will provide a reliable, clean source of power for the entire continent.” - Bill Brown, NET Power CEO and Co-founder

Last November, the Ministry of Energy surveyed market participants regarding the development of new electricity generating capacities. The ministry received responses from 10 companies, including the US company 8 Rivers Capital. This company was the only one that offered to implement the power plant project under market conditions, i.e. without financial support from the state.

The first plant using this zero-emissions technology started operational testing in Houston (USA) last year.

The feasibility study is scheduled to be completed in six months. Financing will include support of US companies and funds.

Flexible and efficient power plants are needed not only to ensure reliable and stable operation of the power system before and after synchronisation, but also for the intensive development of renewable energy provided for in the National Energy Independence Strategy. 

Last year, researchers at the Kaunas University of Technology conducted a study which showed that in the near future, the development of reliably available and effective local capacities will be necessary in Lithuania in order to ensure reliable operation of the electric power system and security of electricity supply.

This was also confirmed by the joint long-term adequacy analysis of the Baltic power system conducted by the electricity transmission system operators of Lithuania, Latvia and Estonia.

Photo: Houston (USA). Minister of Energy Žygimantas Vaičiūnas and the representatives of US company NET Power and energy innovation company 8 Rivers Capital signed a Memorandum of Understanding on a feasibility study for a zero-emissions power generation project. The Deputy Secretary of the U.S. Department of Energy Dan Brouillette participated in the ceremony.