Nord Pool Spot AS and Lietuvos Energija AB today announced that they have signed a Letter of Intent to implement a new market model for the Lithuanian electricity market.
In the future the Lithuanian market will be based on the same principles as the Nordic power market, where price and flow are calculated at the same time to increase market efficiency (implicit auction). The parties aim to establish a service contract where Nord Pool Spot will provide the systems and services from the Nordic market to the Lithuanian market place.
The technical solution will be ready prior to 1 January 2010, when the new market model is scheduled to start operating in Lithuania.
In their Joint Declaration, the Prime Ministers' council of 27 April 2009 underlined the importance of creating an open and functioning common Baltic electricity market. Based on harmonized regulations, this market should be integrated with the Nordic electricity market. Working with Nord Pool Spot was mentioned as being the most efficient way of achieving this goal.
“Choosing Nord Pool Spot will ease the future integration of the Lithuanian electricity market into a larger Nordic-Baltic market,” says acting CEO Hans Randen in Nord Pool Spot.
“The Nord Pool market is one of the most efficient models of electricity trade operating in Europe, and besides, we are geographically closest to it,” says Mr. Aloyzas Koryzna, Chairman of the Board and CEO of Lietuvos Energija AB.
Lysaker, 28 August 2009.
For further information, please contact:
Karri Mäkelä, Director Operations in Nord Pool Spot
Phone: + 358 40 732 0860
Siw Hauge, Director Communications in Nord Pool Spot
Phone +47 90 61 59 92
Giedrius Radvila, Head of Market Development, Lietuvos Energija AB
Phone +370 5 278 2150
Renata Gaudinskaite, Public Relations Officer, Lietuvos Energija AB
Phone + 370 612 98 613