Lithuania's wholesale electricity price up 7% amid lower solar generation and imports

Wholesale electricity prices in Lithuania experienced a notable increase of 7% over the past week, settling at 85.92 euros per megawatt-hour (MWh). This upward trend contrasts with Estonia, where prices decreased by 6% to 44.79 euros per MWh, while Latvia saw a 10% rise to 85.92 euros per MWh.

Mantas Masalskis, Head of Business Solutions at Elektrum Lietuva, attributed the price hike in Lithuania to a combination of factors. "Last week, solar power generation in the Baltic states decreased by 23%, leading to a reduced supply of cheaper local electricity. The price increase in Lithuania was also influenced by a more than halved decrease in electricity imports from Sweden, where electricity prices were higher," he stated in a press release.

Furthermore, limited electricity transmission capacities between the Baltic states continued to allow for price disparities within the region. Elektrum Lietuva reported that electricity demand in the Baltic states collectively decreased by 5% to 455 gigawatt-hours (GWh) last week. Lithuania's consumption fell by 7% to 214 GWh, Latvia's by 4% to 118 GWh, and Estonia's by 3% to 122 GWh.

Electricity generation also saw a decline across the region. In Lithuania, total generation dropped by 7% to 213 GWh. Latvia's generation fell 11% to 85 GWh, while Estonia's increased by 12% to 81 GWh. Despite these shifts, Lithuania managed to produce 100% of its electricity consumption domestically during the week, with Latvia meeting 72% and Estonia 66% of their respective needs from local generation.

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Last week, solar power generation in the Baltic states decreased by 23%, leading to a reduced supply of cheaper local electricity. The price increase in Lithuania was also influenced by a more than halved decrease in electricity imports from Sweden, where electricity prices were higher.