News & events

2014-04-04

Electricity market development issues - in the hands of experts

Development of the electricity market and its coordination in an effort to create the utmost benefit for electricity market participants and consumers – these are the operating principles that members of the Electricity Market Committee discussed during their first meeting. These specialists and experts involved with the electricity market plan to hold meetings at least four times per year. 
 
"The committee will be a place for exchanging expert recommendations and submitting proposals regarding operation of the Lithuanian electricity market, electricity market development issues, and the improvement of legal regulation," said Vice Minister of Energy Žydrūnė Juodkienė, who participated in the meeting of the committee.
 
The committee composes of specialists and experts involved with the electricity market, as well as representatives from the National Commission for Energy Control and Prices, the State Consumer Rights Protection Authority, associated businesses, electricity generation and distribution companies, electricity market participants and exchange operator, and independent electric supply companies. The committee is headed by Lithuanian electricity transmission system operator Litgrid CEO Daivis Virbickas.
 
During the meeting of the committee, a review of the electricity market for the first quarter of 2014 was presented. From January to March, the average price of electricity in the Lithuanian bidding area on the Nord Pool Spot exchange remained stable, averaging 14.7 cents per kilowatt-hour; however, each month it was slightly less than in 2013.
 
"Statistics show that electricity market participants did not take advantage of international link capacities for increased import of electricity in the beginning of the year. Opportunities like this, which would allow for the reduction of the average price of electricity for the entire year, may not be available in summer and autumn," said Ms Juodkienė.
 
Members of the Electricity Market Committee were also informed about upcoming electricity market development projects. In June 2014, new financial trade transaction insurance products are expected on the Nasdaq OMX Commodities Exchange which would be created expressly for participants operating in Lithuania and Latvia. The LitPol Link and NordBalt international connections currently under construction will have decisive impact on electricity import opportunities.  
 
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