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Tuesday 17.01.2017 | Name days: Tenis, Dravis

Enefit: electricity prices in Latvia and Lithuania continue dropping

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULithuania’s newly-established cable connections with Sweden and Poland – NordBalt and LitPol – will help significantly increase electricity supply options to the Baltic Region. With that, it is expected the price of electricity in Lithuania and Latvia will continue declining, according to prediction of Enefit.

At the same time, it is important to keep in mind that the growing demand for electricity in Poland creates an opportunity for Lithuania to become a transit country for electricity, notes the company.

As noted by Enefit Chairman Janis Bethers: «Electricity prices in Scandinavia are up to 40% lower than those in Latvia and Lithuania. We expect the inflow of electricity from Sweden to Latvia and Lithuania will help equalize price differences in this region. Nevertheless, considering the high electricity production costs in Poland, there is a possibility that Lithuania may become a transit country for Scandinavian electricity’s transfer to Poland. Should the price in Scandinavia experience an increase, the option of importing electricity from Russia may become more attractive. This would also provide the possibility of electricity transit to Scandinavia instead.»

Poland’s electricity production industry is mainly based on thermal power plants, where coal is used the main type of fuel. Although coal is a cheap fuel source, Poland is prohibited from using this resource to its maximum extent by EU regulations. Poland has to reduce its energy production output by more than 10 GW by 2030. This is why the matter of energy export has become more actualized lately.

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