Lithuania power prices hit record low on imports from Sweden

Litgrid AB

23/02/2016 17:08

OSLO, Feb 23 (Reuters) - Lithuania electricity prices fell 
to a record low last week as imports from the Nordic countries 
rose via a new underwater power link to Sweden, the Baltic 
state's grid operator Litgrid  LGD1L.VL  said on Tuesday. 
    The average price in Lithuania fell to 27.70 euros per 
megawatt-hour (MWh) last week, down 14 percent on the previous 
week and 33 percent on the same period last year. 
    "That was the lowest weekly price in Lithuania since the 
country joined the Nordic power market (in 2012)," Litgrid said 
in a statement. 
    "This was a reaction to the start of trial operations of the 
Lithuanian-Swedish power link, NordBalt, on Feb. 18." 
    Testing of of the 700 MW cable, built with the support of 
the European Union and expected to reduce Lithuania's dependence 
on power imports from Russia, had been delayed by a fire at a 
converter station in Sweden. urn:newsml:reuters.com:*:nL8N13X1W5 
    Last week Lithuania imported 81 percent of its electricity, 
with two thirds of all imports coming from the Nordic countries, 
where the average price stood at 21 euros/MWh. 
    More imports from the Nordic countries meant that imports 
from Russia and Belarus fell, Litgrid added. 
    In January Lithuania imported 49 percent of its electricity 
from the Nordic countries, with prices averaging 50.30 euros/MWh 
in Lithuania and 29.90 euros/MWh in the Nordics. 
 
 (Reporting by Nerijus Adomaitis; Editing by David Goodman) 
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters 
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net)) 
 
Keywords: LITHUANIA SWEDEN/ELECTRICITY