Energy, Energy Market, Lithuania
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Friday, 29.03.2024, 10:25
Litgrid: Lithuania's wholesale electricity prices plummet 39% in H1
Between January 1 and June 19, the average market price was 28.1 euros per MWh, down from 46 euros per MWh in the same period last year.
According to Liutauras Varanavicius, head of Litgrid's Strategy Department, electricity prices reached extra low levels in Norway and Sweden in the first half of 2020, with the rates falling to the lows of 10–12 euros per MWh in certain zones.
The plunge of prices in the Nordic countries and, simultaneously, in Lithuania, was mainly driven by new wind turbines put in operation, favorable weather conditions that were advantageous for hydropower plants, and sufficiently warm spring weather leading to lower electricity consumption.
Moreover, a decline in prices for crude oil and gas led to a fall in generation costs at thermal power plants.
“With many of these trends occurring simultaneously, the Nord Pool system recorded the lowest average price in twenty years in April, whereas Sweden even saw negative hourly rates, of minus 0.2 euros per MWh. The rates in the Baltic countries at that time were as low as 0.07 euros per MWh,” Varanavicius said.
The lockdown imposed in Lithuania in March also had an effect on the market, Litgrid said, adding that its estimates showed that, excluding the effect of air temperature, electricity consumption shrank by approximately 5%.
Lithuania’s domestic electricity generation accounted for approximately 35% of its power consumption and imports – for the remaining 65% in the first five months of this year.
Some 47% of imports came via NordBalt, approximately 30% – from the third countries, 17% – from Latvia, and 6% – via LitPol Li
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