The price of electricity in he Nord Pool exchange, Lithuania‘s price zone, hit a record high of 6.41 euro cents/kWh on June 22.
It is the largest one-day average price of electricity since the NordBalt interconnector started operation on February 18, 2016. During the first five months of 2016 the average electricity price was 3.53 euro cents/kWh.
Head of Energijos Tiekimas Vidmantas Salietis argued that the price jump was determined by a temporarily broken connection with Sweden and the sharply increased price of electricity in Poland, to which in recent days Lithuania exported 488 MW per hour. That accounts for around 35-40% of the Lithuania‘s total demand which is about 1,300 MW per hour.
“NordBalt has been inoperative since June 11 so cheaper electricity from Sweden cannot reach Lithuania. In addition, the connection with the Kaliningrad Region is not being used and recently due to a heat wave the price of electricity sharply increased in Poland, increasing the price for us as well,” said Salietis.