The INNOVA project aims to develop an innovative solution for the operational management of a low-inertia, weakly interconnected power system with a high share of renewables to foster energy supply stability, reliability and cost-efficiency. The main scientific contribution of the project is an innovative method for emergency control of power system frequency as well as development of a specialised phasor measurement unit (PMU) prototype and software for testing the solution. The INNOVA solution will include a novel algorithm for load shedding improving both the frequency stability and cost-efficiency of power system operation. The methodology will be validated through comprehensive power system simulations and laboratory testing. Moreover, the developed prototype PMU terminal will allow demonstrating the INNOVA solution in operational environment (TRL7). Additionally, the foreseeable economic benefits will be assessed stemming from the reduction in interconnection capacity constraints which could be achieved in the market by deployment of the proposed frequency control method. INNOVA goals are particularly relevant in light of the expected desynchronisation of the Baltic power system from Russia and subsequent synchronisation with Continental Europe via a single AC line. Moreover, the produced scientific results and technological findings will be useful to any power system characterised by weak interconnections and low inertia as a result of energy system decarbonisation.