Lithuania's electricity prices are falling fast with rising electricity producer competition in the Baltic region.

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© DELFI / Orestas Gurevičius

Last week, electricity prices dropped by almost half to about €35.50 per MWh in Lithuania. This is slightly more than half of last month's electricity prices and almost a quarter less than electricity prices during the same time last year.

The average weekly electricity price also dropped because electricity demand fell during Lithuania's national holidays. During those days, electricity in neighbouring countries became cheaper as well.

For example, wind electricity production in Poland has more than tripled, and cooler weather has reduced consumption.

After a planned renovation, a second thermal power plant has begun operating in Latvia.

Specialists say that this shows that there are currently excellent conditions for quickly choosing a cheaper energy supplier, which is increasing market competitions and lowering prices.

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