Energy storage solutions are essential for enabling the deployment of large-scale renewable energy sources to achieve a low-emission and climate-neutral future. This paper evaluates the adequacy of energy systems by examining the utilization of carbon capture, hydrogen, and synthetic methane production and storage in existing or new power plants that use biofuels (incl. biomass). The selected approach holds particular promise in Latvia due to the presence of numerous bioenergy plants, a large underground gas storage facility, and the ongoing and planned rapid development of solar and wind power plants. We use a power systems simulation model that includes sub-models of various energy sources and interconnections with Sweden, Finland, and Poland, considering NORDPOOL electricity market rules. The methodology used incorporates investment volume, electricity price forecasting, and renewable energy potential planning. The preliminary results demonstrate that Latvia's natural gas infrastructure makes carbon capture and synthetic methane storage technically and economically feasible, with a 17.8% return on assets. The economic feasibility of a hybrid power plant in the Baltic power system warrants further detailed investigation.