The Polish and Baltic leaders also promised to make an effort to reach an agreement in June regarding the best solution for the connection and begin applying for funding for the strategic project from the EU budget this year, according to a government press release.

"Connecting the electricity networks of Estonia, Latvia, and Lithuania with Europe will make us less dependent on Russia in terms of energy and will ensure the security of electricity supply," Ratas said. "We wish to invest in strengthening the network and renewing the electrical connections between Latvia and Estonia."

The primary electricity network companies in the Baltic region and Poland are currently conducting research regarding synchronization opportunities. This research, which is expected to be completed by this summer, will provide a more detailed overview regarding possible solutions to the project as well as the investments it will require.

Previously, Poland, Hungary, the Czech Republic and Slovakia as well as Romania and Bulgaria have joined the Continental European grid, in 1995 and 2002, respectively.

The joint statement released by President of the European Commission Jean-Claude Juncker, Estonian Prime Minister Jüri Ratas (Center), Latvian Prime Minister Māris Kučinskis, Lithuanian President Dalia Grybauskaitė and Polish Prime Minister Mateusz Morawiecki can be read here.