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Electricity prices in the Lithuanian zone of the Nord Pool Spot exchange reached €483 per megawatt-hour, or approximately $0.483 per kilowatt-hour (excluding VAT), at 11:00-11:15 AM Lithuanian time on Tuesday, November 26.
Reduced Wind and Maintenance Activities Drive Up Costs
Lithuanian transmission system operator Litgrid attributes the high electricity prices to a combination of unfavorable factors impacting supply and demand.
“Firstly, increased electricity demand due to low temperatures coincided with reduced wind speeds, resulting in lower energy production from wind farms. Additionally, the 9th unit of the Elektrėnai Complex, with a capacity of 455 MW, is undergoing maintenance until December 18, and the first unit of the Riga TEC-2 combined cycle plant, with a capacity of 420 MW, is down for repairs until November 26,” Litgrid commented.
The company noted that the latter unit was originally scheduled to resume operations last week, but the work has been delayed. These factors have collectively reduced the available power supply on the market by approximately 875 MW.
“Today’s hourly electricity consumption in Lithuania exceeded 2100 MW – a high demand recorded only four times this year. For comparison, there were only four such days throughout all of 2023,” Litgrid added.
Consumers Advised to Reduce Usage
Independent electricity supplier Elektrum Lietuva explained that the surge in electricity prices on the exchange is driven by colder weather in recent days, increased electricity consumption during the typically colder months, high import prices, and reduced generation from wind and solar sources.
“Furthermore, one of Latvia’s hydroelectric power plants will be temporarily shut down tomorrow (Tuesday) for planned work, resulting in certain restrictions. Therefore, both household and business customers with exchange-linked electricity supply plans should pay close attention to Tuesday’s first half of the day, especially between 11:00 and 11:45 AM, as prices will reach their peak – €483.09 excluding VAT,” Mantas Kavaliauskas, Commercial Director of Elektrum Lietuva, told reporters.
“I would like to point out that the entire period from 07:45 to 20:45 will be particularly expensive, with an average of €365.98 per MWh excluding VAT. We recommend reducing electricity consumption as much as possible during this hour and using energy-intensive appliances later,” Kavaliauskas said.
Average daily electricity price this year:
Daily Average Price Among Highest This Year
The average daily price in Lithuania on Tuesday is 26.86 cents per kWh – the fourth highest in nearly 11 months of this year. Prices in Lithuania and Latvia are currently the highest in the system, with Estonia and Poland slightly lower.
Looking at monthly figures, Lithuania’s average November price was similar to October, but Tuesday’s spike has immediately raised the last autumn month’s average price to 11.153 cents per kWh (October – 10.503 cents per kWh) (excluding VAT).
If this trend continues throughout the week, it will impact a portion of electricity consumers, such as those on guaranteed supply plans.
Exchange price trends, as Kavaliauskas noted, are relevant to consumers who have chosen exchange plans and have smart metering, and are prepared to adapt and adjust their electricity consumption. They can use electricity more intensively during “cheap” hours and save when it is expensive.
Electricity price chart for November 26 (excluding VAT):
Final electricity tariffs for public electricity supply consumers are expected to be confirmed soon. The price ceiling has already been set, as detailed here:
Since October 1, the Nord Pool exchange has displayed electricity prices in 15-minute intervals, so price curve fluctuations may be higher and more frequent than with hourly intervals.
