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Masiulis: we survived the main electricity price shock 2 & More Latest News Here


“Summer, as a rule, is such a particularly difficult time when there is a lack of electricity. In winter, although consumption is higher, there are more producers. We look at winter more positively than summer,” R. Masiulis told reporters on Thursday.

According to him, the exact cost of electricity will be determined by how expensive gas will be, and their prices, the head of Litgrid does not rule out, may stabilize.

“Electricity prices are practically directly correlated with gas prices, it will all depend on the gas price. If gas prices go down, so will electricity. As a result, it will be necessary to monitor how many new liquefied natural gas terminals are being built in Europe and what contracts are being concluded. This should have a positive influence: if Europe completely frees itself from Gazprom’s grip – and there is very little left (only about 5% of Gazprom’s supplies to Europe), the situation should start to improve from then on,” R. Masiulis thought.

As he assured, it is difficult to name a clear price yet. However, it is predicted that gas may start to become cheaper after the winter, although the market is observing this even now. According to R. Masiulis, this may be a sign that Europe has adapted to the cessation of Russian gas imports.

“Everyone expected that when the Russians disconnect Nord Stream 1, gas prices will “break through the ceiling” and rise above 400 EUR/MWh, etc. And they fell very interestingly. This probably means that Europe has digested the fact that Russian gas is no longer available on the continent, is ready for it, has implemented a series of measures, and from now on, such a difficult situation should gradually begin to improve,” said the head of Litgrid.

Electricity producers will increase in Europe

R. Masiulis also emphasized that electricity prices should be stabilized by increasing electricity production in Europe – for example, France, the largest electricity producer, is committed to gradually increasing nuclear power capacity as winter approaches.

In addition, the generation of thermal power plants will increase, for example in Latvia, where the first and second units of the 800 MW thermal power plant in Riga should operate throughout the cold season.

“We survived the main shock, fuel-oil and coal-fired power plants are opening. We think it will be easier in the second half of autumn and winter. More thermal power plants that produce both electricity and heat will come on stream.

In the first place are two Latvian thermal power plants, which in winter, late autumn and early spring will ensure both the amount of electricity and a slightly lower price, because they share the costs between heating and electricity”, said R. Masiulis.

The manager of “Litgrid” also does not think that such price jumps as on August 17, when at 6-7 p.m., can be repeated. the price of electricity in Lithuania reached a maximum of 4 thousand. EUR/MWh limit.

“Now the market has seen what can happen. That day was special, a number of factors coincided, there were line restrictions, not all electricity generators produce electricity. It just so happens that they attack once a decade. I think it’s hard to expect that,” explained R. Masiulis.

According to him, such a high price will be avoided, since thermal power plants in Latvia produce more electricity from that day.

“As the cold season approaches, it is guaranteed to start producing more, since both Latvian thermal power plants heat Riga. 800 MW will start producing and will produce throughout the cold period,” said the director of Litgrid.

Copying the text of this news is prohibited without the written consent of ELTA.

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