Electricity prices are rising in the Lithuanian bidding area due to significant increase of electricity prices in Finland. Moreover, the supply in the market is lower due to maintenance of thermal power plants in Latvia and Kaliningrad.
Due to this reason, on 8 October electricity in the Lithuanian trading area cost EUR 96.5 per MWh on average. During certain hours the price soared to EUR 200 per MWh. Meanwhile, the average electricity price in the Lithuanian bidding area in September was EUR 44 per MWh. Therefore, responding to price hikes in the market, electricity generation in the combined cycle unit was increased nearly to the maximum, which helped stabilise prices. On Friday the average electricity price in the Lithuanian bidding area was already by 28 percent lower – EUR 69.36 per MWh.
In the summer season Elektrėnai Power Plant generates enough electricity to ensure supply security as agreed with the transmission system operator Litgrid. In 2015 the facility began operating on 15 April and was expected to do so until 15 October, but if prices in the market remain as high as on 8-9 October, then the combined cycle unit will continue to operate.