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Lithuania halves electricity prices amid fluctuating weather conditions

Lithuanian power transmission system operator Litgrid announced last Monday (15 January) that recent fluctuating weather conditions led to high average wind turbine production, but due to cold weather and increased electricity consumption, thermal power plants also maintained high generation.

Last Monday, Lithuania noted a record hourly electricity consumption of 2,280 MW.

Lithuania notes single-day power consumption record

During January 8–14, the average wholesale electricity price in the “Nord Pool” exchange’s Lithuanian price zone decreased by half compared to the previous week, from 201 euros/MWh to 103.1 EUR/MWh. In Latvia and Estonia, the average wholesale electricity price was nearly the same as in Lithuania – 102.8 euros/MWh.

“At the beginning of last week, a record hourly electricity consumption was recorded. On Monday at 9 am, Lithuania’s consumption, according to preliminary data, reached as much as 2280 MW, surpassing the record held since December 2021. This indicates a rapid electrification of the country, especially with the installation of heat pumps. Later, we observed warmer weather, leading to a rapid decrease in consumption and an increase in wind generation. The fact that electricity prices spike during record consumption indicates that natural gas prices in Europe still have a significant impact on electricity prices. Recently, gas prices have remained low, and natural gas storage facilities in Europe are still filled up to 80 per cent, halfway through winter,” said Liutauras Varanavičius, Head of the Strategy Department at Litgrid.

Electricity consumption in Lithuania increased by 6 per cent from 270 GWh to 285 GWh last week. Local power plants in Lithuania provided 51 per cent of the country’s electricity consumption. In total, 147 GWh of electricity was generated in Lithuania last week, which is 2 per cent less than the previous week when local production reached 150 GWh.

Wind farms generated the most electricity in Lithuania last week, with their production increasing by 40 per cent from 52 GWh to 72 GWh. Thermal power plants generated 21 per cent less than the week before, with production decreasing from 66 GWh to 52 GWh.

Hydropower production also decreased by 36 per cent, from 18 GWh to 12 GWh. Over the week, wind farms produced 49 per cent of the electricity generated in Lithuania, thermal power plants produced 36 per cent, hydropower plants produced 8 per cent, and other power plants contributed 7 per cent.

In terms of import/export (balance) ratio, 51 per cent of the country’s electricity needs were imported. Compared to the previous week, the total import amount decreased by 2 per cent, from 198 GWh to 194 GWh. Differentiating the country’s imports, 51 per cent came from Scandinavia through the “NordBalt” connection, 36 per cent from Latvia, and the remaining 13 per cent entered the country through the border with Poland.

The overall electricity flow from Lithuania decreased by 43 per cent, from 72 GWh to 41 GWh. 35 per cent of exports from Lithuania went to Latvia, and 65 per cent went to Poland through the “LitPol Link” connection.

The utilisation of the LitPol Link’s capacity was 45 per cent towards Poland and 30 per cent towards Lithuania. The “NordBalt” capacity utilisation was 0 per cent towards Sweden and 84 per cent towards Lithuania.

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