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"For an electricity consumer that can adjust the production cycle according to market prices, this is an exceptional opportunity to reduce energy costs," said Litgrid CEO Daivis Virbickas.

The price of electricity stood at 4.09 euros per megawatt-hour between 1 a.m. and 5 a.m. on Wednesday, the lowest hourly price ever registered in the market's Lithuanian bidding area, Litgrid said.

The average daily price was 23.9 euros per MW, a level that is more usual for weekends. The same price levels were recorded in the other two Baltic countries, as well as inn Finland and Sweden.

The price in the Lithuanian bidding area was driven down by a slight decrease in consumption, as well as an increase in electricity generation at Lithuanian wind power plants and Latvian hydro power plants and in the supply of cheaper electricity in Sweden.