NordBalt drives Lithuanian electricity prices down to record lows

The average price of electricity on the power exchange Nord Pool Spot bidding area where Lithuania was able to purchase electricity was €27.70 per kilowatt-hour. It was down 33% on the same period last year according to Litgrid and is the lowest average weekly price since the beginning of Lithuania’s connection to Nord Pool.

Litgrid said the electricity market had begun to react to the operation of the NordBalt link, even though it is still in test mode, and that influenced the direction of power flow and its volumes in the Baltic countries.

With the launch of NordBalt, electricity prices over the past week were uniform across Lithuania, Latvia and Estonia, said Litgrid.

Lithuania imported 81% of electricity consumed in the country last week with 69% of electricity imported from Northern Europe, and the rest – from third countries.

NordBalt reduced Lithuanian electricity imports from Belarus by 48% last week, as imports from third countries decreased by 14%.

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