Lithuania energy officials warn of rising winter costs

Agnė Bagočiūtė, director of the Lithuanian Energy Regulatory Authority (LEA), has warned that energy prices are not expected to decrease in the near future. Both households and businesses should prepare for higher costs during the upcoming winter season.

Rising oil prices and a two-month upward trend in the gas market are driving these projections. Gas prices are currently nearly double what they were a year ago, with future contract prices expected to exceed 70 EUR per megawatt-hour (MWh). Additionally, the rising cost of biofuels is expected to increase heating costs in regions utilizing them.

Electricity prices are also expected to remain sensitive to gas prices and fluctuations in renewable energy production. Forecasts suggest electricity prices will fluctuate around 100 EUR per MWh, with the potential to exceed 120 EUR per MWh. Current higher prices are attributed to reduced solar and wind generation alongside ongoing repairs to electricity connections.