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The market player will be able to take part in the Baltic balancing market and trade in balancing energy with transmission system operators, Litgrid said.

Giedrius Radvila, director of Power System Operations Department at Litgrid, says handing over part of balancing services to an aggregator is a modern and innovative solution that will provide more possibilities to manage the system in a more effective, flexible and swift manner.

The operator said FuseBox will be one of the participants of the balancing market and the service will be bought from it for the best price.

In August, Lithuania's state-run power and gas provider Ignitis also reported to have started cooperation with FuseBox. The Lithuanian company said that being a novelty in the country's power market, the demand aggregation service, also called "a virtual power plant" was very important for the contribution to energy security and effective use of energy, Ignitis says.

While cooperating with FuseBox, Ignitis will be a balance responsible party before the transmission system operator, thus, providing conditions for the startup to provide services necessary for power network balancing.

The possibility for both legal and natural persons to provide power aggregation services emerged in June when the Lithuanian Seimas adopted amendments to the Law on Electricity.