Analytics, Energy, Energy Market, EU – Baltic States

The difference in power prices between Lithuania and Sweden's 4th electricity price area was 70 % smaller in July than in June and stood at 1.35 euros per MWh.

Diana Kazakeviz, head of the Business Development Department at Energijos Tiekimas, says this difference was one of the smallest this year, and it usually should mean lower energy prices in Lithuania.

"Nevertheless, a significant drop in power generation from renewable energy resources in Scandinavia is pushing prices up in the region. Compared to June, wind power generation dropped 41,4%, hydropower generation decreased 7.8%, and the Russian-Finnish interconnection's capacity made only a third of the usual flow and raised electricity prices at night," Kazakevic said.

The average electricity price in July in the Nord Pool's Lithuanian bidding area stood at 54.56 eurosper MWh. In Sweden's 4th bidding area, which is connected with Lithuania through the NordBalt interconnection, the average July price stood at 53.21 euros and was 14 % higher than in June and was the highest this year.

In Latvia, the price of electricity also rose 7% to 54.55 euros and it grew 13% to 54.06 euros in Estonia.

According to Energijos Tiekimas, the planned NordBalt repairs on Aug.16 - Oct. 28 will have significant impact on electricity prices in the second half of this year.