Electricity consumption in the Baltic States, particularly in Lithuania, reached a record high last week, leading to a 12% increase in prices due to reduced wind energy production and lower imports from Finland.
Last week, a significant surge in electricity consumption was recorded in the Baltic States, especially in Lithuania, where a new weekly consumption record was achieved. According to Mantas Masalskis, head of the Business Solutions Department at Elektrum Lietuva, the consumption soared to 340 gigawatt-hours (GWh), the highest level since 2010. This increase in electricity usage is attributed to various factors, including reduced wind energy generation and a decrease in electricity imports from Finland.
In total, the electricity consumption across the Baltic States reached 746 GWh last week, which marked a slight 1% decline compared to the previous week. While Lithuania set a new record, both Latvia and Estonia saw a reduction in their electricity consumption, with usage in Latvia dropping to 178 GWh and in Estonia to 228 GWh. The stability in overall electricity production in the Baltic region, which remained at around 559 GWh, played a crucial role in the dynamics of energy pricing during this period.
As the demand for electricity continues to rise in Lithuania, it raises concerns about energy sustainability and the potential for price volatility. The reliance on wind energy has demonstrated its challenges, especially when wind generation is low, making the region vulnerable to supply fluctuations and price hikes. The situation underscores the importance of diversifying energy sources and enhancing energy efficiency to meet the growing consumption demands while minimizing the impact on prices.
