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“In general, electricity consumption is growing and will only increase as electricity becomes the fuel of the future: heating solutions and technologies are changing. (…) That is why, not only in Lithuania, but also in the world, there is talk of electrifying everything. At the same time, several consumers choose to produce electricity themselves; this will only increase in the future, ”he said at a conference organized by Elektrum Lietuva on Thursday.
According to him, it is projected that if the current electricity storage and storage scheme is applied in the country until 2040, it is likely that electricity generation will become attractive for almost all inhabitants.
“We believe that in the next decade at least 30 percent. Lithuanian household electricity consumers will generate electricity for their own needs, and by 2050 there will be at least half of them, because the solar power plant can be installed no only on the roof of your house, but you can also participate in a remote solar installation.
Giga said it noted that the main criterion for consumers when choosing an electricity supplier was price.
“Looking at this year and at the consumer, we see that price is the most important criterion when choosing a supplier. From the general context, from politicians and regulators, we have heard that the price will change with the opening of the market, it is likely to go down. Consumers had both fears and expectations that the competition would lower the price, ”he said.
However, Mr. Giga pointed out that, contrary to expectations, consumers were slow to choose their electricity supplier.
“Many consumers have postponed the final decision on the electricity supplier until the last stage. We expected consumers to choose earlier, (…) but there seemed to be an expectation that some special and cheaper offers would be offered at the last minute.
Apparently this year we will see even more significant interest from end users when they have to make a decision, ”he said.
The director of Electrum Lietuva also emphasized that the regulated price of electricity affects market prices.
“The regulated price still has an impact in Lithuania, because the market is not yet fully open. “… However, the regulated price has little to do with the market price at the time it is decided, it may no longer be relevant in just one week,” he said.
Giga emphasized that electricity prices could rise after the market opens.
“After the market opens, prices increase not necessarily because of supplier participation, the price of electricity itself, but because of other tax increases or the suppression of profits. “Prices are affected by the participation of renewable sources of electricity, how they affect the distribution networks themselves, the final price that consumers pay,” he said.
Reviewing last year, the director of Electrum Lietuva stated that it was a year of record low electricity prices.
“Electricity price in 2020 Lithuania was at an all-time low, it had never been so low on the stock market. If we compare last year with 2019, last year it was 26 percent. Lower prices. This was due to several factors, the most evident being COVID-19, as well as the lower activity of companies and the consequent reduction in electricity demand. By the way, it was a warmest record year, “he said.
However, this year, Giga made the opposite prediction.
“Looking ahead to 2021, the situation is completely different from last year. We have a complete” rebound “in prices: already in January, the price of electricity on the stock market is 74 percent higher than in 2020. In February, prices were 114 percent. higher, in March, so far, 106 percent. higher than in the corresponding period last year, “he said.
For the first time, an electricity exchange product appeared in the consumer segment (…) and all prices were linked to exchange prices, ”added M. Giga.
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