Lithuania's Electricity Price Drops 7% Amidst Shifting Import and Generation Trends

Average wholesale electricity prices in Lithuania decreased by 7% last week, settling at 91 euros per megawatt-hour (MWh) between June 8-14, according to power grid operator Litgrid. This occurred despite a 7% drop in local electricity generation, which fell to 184 GWh from 198 GWh the previous week.

Lithuania's electricity demand rose by 4% to 241 GWh. Local power plants met 76% of this demand. Solar power generation saw the largest decrease, falling 18% to 79 GWh, while wind power generation dropped 5% to 54 GWh. Thermal power plants produced 26 GWh, hydropower 13 GWh, and other sources 11 GWh.

Overall electricity imports into Lithuania increased by 15% to 113 GWh. Sweden was the largest supplier, accounting for 66% of imports, followed by Latvia (22%) and Poland (12%). Conversely, electricity exports from Lithuania decreased by 23% to 51 GWh, with Latvia receiving the largest share (64%).

Despite the general price decrease, a significant momentary price spike occurred in Estonia on Friday evening, reaching 359 euros per MWh between 19:45 and 19:59. Litgrid attributed this to planned maintenance on the EstLink 2 interconnector, which limited cheaper import capacity from Finland and necessitated imports from Latvia. This situation led to uniform electricity prices across the Baltic states during that period, a situation last seen on June 1.

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Despite lower average weekly prices in Estonia, on Friday evening between 19:45–19:59, the instantaneous electricity price in Estonia rose to 359 euros per MWh. This happened due to planned maintenance of the 'EstLink 2' connection – there was not enough capacity for cheaper import from Finland, so imports were made from Latvia. During that period, electricity prices in the Baltic countries were uniform. Such a high instantaneous price in the Baltic countries was last seen on June 1.