Elektrum Lietuva: Electricity price in Lithuania rose 84% last week

Electricity prices in Lithuania saw a sharp increase of 84% last week, reaching an average of 93.07 euros per megawatt-hour (MWh), according to Elektrum Lietuva. This price hike mirrors a broader trend across the Nord Pool region, where prices rose due to a significant decrease in the supply of cheaper electricity from renewable sources.

Elektrum Lietuva reported that solar power generation fell by 22% over the week, hitting its lowest point since April. Wind power generation also dropped by 25%. While wind power generation in the Baltic states decreased by only 3% overall, this was due to a nearly 50% increase at the end of the week caused by a strong storm, which marked the third-highest weekend production level this year.

Despite the price surge, total electricity consumption in the Baltic states rose by 2% to 476 gigawatt-hours (GWh) last week. Lithuania's consumption increased by 6% to 226 GWh, while Latvia saw a 3% decrease and Estonia a 1% increase. Baltic countries collectively produced 72% of the electricity they consumed, with Lithuania generating 86% of its needs.