Lithuania’s Power Prices Surge on EU Heatwave Strain
(MENAFN) Lithuania saw its average wholesale electricity price more than double last week, reaching 81 euros (93.96 U.S. dollars) per megawatt-hour (MWh), according to Litgrid, the country’s electricity transmission system operator. The surge was primarily driven by intense heatwaves sweeping across Central Europe and Scandinavia, Litgrid said on Monday.
Despite a notable drop in domestic electricity use and a significant uptick in power generation, Lithuania was not insulated from broader regional price pressures.
"While we were enjoying great weather in Lithuania, Central Europe and Scandinavia were experiencing heatwaves, which led to increased demand for cooling. High electricity prices across Europe also translated into higher prices here, despite low demand and growing supply," Baltic News Service (BNS) quoted Deividas Siksnys, Litgrid’s head of market development, as saying.
The sharp price increase came during a week of unseasonably stable, sunny weather and a shortened workweek, factors that helped drive Lithuania’s electricity consumption to its lowest level in over two years, according to Litgrid.
Total domestic consumption dropped by 9 percent to 182 gigawatt-hours (GWh), down from 200 GWh the previous week. Meanwhile, electricity generation jumped by 25 percent to 159 GWh, up from 127 GWh.
Although Lithuania’s internal demand conditions pointed toward stable or even declining prices, the influence of neighboring markets proved decisive.
Lithuania, along with Latvia and Estonia, completed synchronization of its power grid with Western Europe on February 9, enhancing integration but also exposing the Baltic states to price volatility across the continent.
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