In the 2030s, electricity should cost about 17 cents

Energy Minister Dainius Kreivys says that in the 2030s, the final price of electricity for Lithuanian consumers should reach about 17 cents per kilowatt hour (kWh).

According to the minister, the price range of 5.5-6.5 cents calculated by the US National Renewable Energy Laboratory (NREL) previously announced by him is without distribution and transmission rates.

“The price of electricity is really consistently moving down little by little. The forecasts are that around 2030, the price of electricity itself, as modeled by NREL, without distribution and transmission (tariffs – BNS) should be between 55-65 euros per megawatt hour – that’s 5-6 cents (per kWh – BNS)”, – D. Kreivys spoke at the session of the Seimas.

“The average price around 2030 with the distribution tariff should probably be around 17 (cents per kWh – BNS),” said the energy minister.

Last week, the electricity market price in Lithuania reached 78 euros per MWh, or 7.8 cents per kWh. At that time last year, the average price on the market decreased 2.4 times to 94 euros (230 euros in 2022).

According to the data of the Lithuanian Energy Agency (LEA), the average price of 24-month fixed-price one-time zone plans offered by independent suppliers reached 25.2 cents per kWh on Tuesday, 25.1 cents for 12 months.