Litgrid: Wholesale electricity prices in Lithuania and Latvia jumped 84% in a week

Wholesale electricity prices in Lithuania and Latvia experienced a dramatic 84% increase over the past week, according to Litgrid. The surge was primarily driven by a significant drop in wind and solar power generation at the beginning of the week, coupled with high electricity prices in neighboring European markets.

Deividas Šikšnys, head of Litgrid's Market Development Department, explained that the low wind and solar output affected prices across Europe, making Lithuania and Latvia among the highest on the continent on Tuesday. While wind power generation remained stable in Lithuania, solar generation fell by a third. This led to a 15% decrease in overall local electricity production and a 27% rise in import demand.

“

Due to low wind and solar power production, electricity prices rose across Europe, and on Tuesday, Lithuania and Latvia had some of the highest on the continent.

Despite a weekend increase in wind generation due to stormy weather, the impact was insufficient to offset the earlier price spike. Consequently, the average weekly electricity price in Lithuania climbed by 84%. Lithuania's electricity demand rose 3% to 242 GWh, with local power plants meeting 84% of the country's needs. Wind turbines were the dominant local source, providing 52% of the power, followed by solar at 30%.

“

Although wind power generation in Lithuania remained stable at 105 GWh, solar generation decreased by a third to 62 GWh. As a result, total local electricity generation decreased by 15% over the week to 203 GWh, and the need for imports increased by 27% to 84 GWh.