Vilnius, Lithuania, 2012-03-26 16:07 CEST (GLOBE NEWSWIRE) -- Lithuanian electricity transmission system operator Litgrid and Europe’s leading Nordic power exchange Nord Pool Spot signed an agreement in Vilnius today, according to which Nord Pool Spot bidding area will be launched in Lithuania as of 18 June.
“We have made a very important step in implementing the Baltic electricity markets interconnection plan: the Nord Pool Spot power exchange will start operating in Lithuania. We are on our way to the united and transparent Nordic electricity market and the common European market,” said Minister of Energy of the Republic of Lithuania Arvydas Sekmokas.
The introduction of the Nord Pool Spot bidding area in Lithuania is very important for the country on its way to become a part of the Baltic and Nordic electricity market and join the entire Europe’s electricity market later. The new version of the Law on Electricity, which came into force in February, has created legal preconditions for the integration of Lithuania’s electricity market into the Nordic market, and later into the common European electricity market. Being a part of a large market would in the future ensure a wider choice for Lithuania in buying and selling electric energy.
“Nord Pool Spot is an exemplary European power trading system featuring 350 participants from 20 countries. We are glad to be among its first full members. Experience and professionalism of our partners at Nord Pool Spot allowed us to prepare for the establishment of a bidding area in a very short time,” said Litgrid CEO Virgilijus Poderys.
Nord Pool Spot CEO Mikael Lundin welcomed the decision of the exchange to launch a new bidding area in Lithuania. “Nord Pool Spot is pleased to announce our plan to open Lithuania as a new bidding area. Since Lithuania’s electricity law was passed by the country’s parliament earlier this year, it is now possible for us as a power exchange to operate the Lithuanian market. Our long term goal remains to create a Baltic power market connected to the Nordic market through Nord Pool Spot,” said Mr Lundin.
Earlier this year Litgrid (Lithuania), Augstsprieguma Tikls (Latvia), Elering (Estonia) and Nord Pool Spot signed a Memorandum of Understanding in which the Baltic electricity transmission system operators (TSOs) confirmed their intention to participate in the equity capital and the management Board of Nord Pool Spot. This would ensure a fair representation of the interests of the Baltic TSOs in strategic decisions regarding the integration and development of the markets.
Nord Pool Spot is Europe’s leading Nordic power exchange. The group’s annual turnover stood at 316 TWh in 2011.
Vilija Railaitė
Head of Communications
Phone +370 5278 2361
Mobile +370 613 19977
E-mail vilija.railaite@litgrid.eu