The average wholesale prices of electricity, biofuels, and natural gas in Lithuania have fallen over the past week, though global supply concerns are emerging due to events in Iran.
In Lithuania, the average wholesale price of natural gas at the Dutch trading point TTF dropped by 0.8% in the past week, recording at 32.9 EUR/MWh for the period of February 23–27. This decline in natural gas prices was attributed to milder weather conditions across Europe. However, developments in Iran over the weekend pose a potential threat to global LNG supply through the Strait of Hormuz, causing some analysts to predict a possible rise in prices in the near future.
Currently, the Inčukalns gas storage facility is filled to about 19.72%, while European facilities are approximately 29.98% filled. During the last week, approximately 580.88 GWh of natural gas was delivered through the Klaipėda LNG terminal. Natural gas consumption in Lithuania has decreased by 20.64% compared to the previous week, totaling 360.05 GWh, while 259.50 GWh of gas was exported to Latvia. Additionally, production from Lithuanian biogas plants stood at 5.18 GWh, reflecting a 5.65% decline from the previous week.
Meanwhile, the average price of Brent crude oil during the examined week was $71.3/bbl, marking a 1.9% increase from the previous week. The fluctuations in energy prices are critical for the local economy and underscore the complexities surrounding energy supply chains, particularly in light of geopolitical issues that could affect future pricing trends.
