News & events

2014-09-09

One-fifth of the electricity consumed this summer was produced by local power plants

During the third meeting of the Electricity Market Development Committee on 9 September, statistics prepared by representatives of Litgrid and Nord Pool Spot on the past summer’s electricity market were presented to electricity market experts and specialists. Members of the committee had a lively and efficient discussion on electricity trade in the Baltic countries.
 
“The situation being observed in the electricity market and the behaviour of market participants indicate that last year’s lessons have been learned, that the market is maturing, and that market participants are able to more objectively assess the situation, foresee threats and take measures in time,” said Daivis Virbickas, electricity transmission system operator Litgrid CEO and Chairman of the Electricity Market Development Committee.
 
This summer the physical flow of electricity into Lithuania was affected most significantly by planned maintenance that was carried out within the energy systems of neighbouring countries, as well as by the hot weather, which decreased international interconnection capacities and increased demand. Of all the summer months, higher prices were seen in July, when the Estlink 2 interconnection was under repair, and the production of hydroelectricity in Latvia decreased due to the low water levels in rivers. On average, Lithuania imported approximately 66 per cent of the electricity consumed this summer.
 
During three summer months, the average price for electricity at the Lithuanian trade zone on the Nord Pool Spot exchange was 19.3 cents/kWh, which is nearly 1.5 cents higher than last summer. Local power generators produced one-fifth of the electricity consumed in the country this summer.
 
The Electricity Market Development Committee was established in April in order to coordinate better the operation and development of the electricity market in Lithuania.  The members of the committee include representatives of the National Commission for Energy Control and Prices, the State Consumer Rights Protection Authority, associated businesses, power generation and distribution companies, electricity market participants, and the Nord Pool Spot power exchange. Meetings of the expert committee are planned to take place at least four times annually.
 
To top