Lithuania to address Latvian and Estonian regulators after neighbouring Baltic countries did not generate electricity

As the average price of electricity in the Lithuanian bidding area of the Nord Pool power market stands at EUR 824 per MWh on 17 August, Chairman of the National Energy Regulatory Council (VERT) Renatas Pocius intends to address other Baltic regulators to ascertain whether market was not misled after Latvia and Estonia stopped generating electricity.

Speaking to reporters in parliament on Wednesday, Pocius said initial data indicated that some power plants were not operating in Latvia and Estonia and did not generate electricity.

According to him, the VERT would also address Nord Pool to clarify why it turned down the offer for electricity generated in Lithuania.

“In Lithuania, our suppliers make offers to the market to sell electricity. However, due to reasons unknown to us they were rejected,” he said.

What is more, Pocius stated that electricity prices reached record heights also because power interconnections cannot operate at full capacity when it is very hot in summer leading to lower electricity imports, lower supply and higher prices.