Increased transparency and efficiency of electricity trading by Lietuvos Energijos Gamyba
On 1st of March 2014, Lietuvos Energijos Gamyba, entered a gross bidding agreement with the Nordic/Baltic power exchange Nord Pool Spot, allowing the company to nominate all its power sales and buy volumes separately as well as to increase liquidity and transparency in the deregulated power market.
‘Upon adoption of this trading arrangement, very soon we have realised that it allows assessing the value of our fixed price transactions much easier, which in turn leads to an increased efficiency of our trading activities. This arrangement also enables us to contribute to the development of a transparent wholesale electricity trading market in the Baltic States‘, says Mr Vidmantas Salietis, Director of the Wholesale Electricity Trade Department of Lietuvos Energijos Gamyba.
"Nord Pool Spot is pleased to welcome Lietuvos Energijos Gamyba as the latest member to sign a gross bidding agreement. It is important that we continue to attract the full range of Baltic electricity generators and suppliers, to ensure a liquid, robust and transparent power market", says Nord Pool Spot‘s Regional Market Manager in Estonia, Latvia, Lithuania and Russia, Hando Sutter.
About Lietuvos Energijos Gamyba
Lietuvos Energijos Gamyba, AB is the largest power generating company in Lithuania that manages all the state-controlled power generation capacities including the Elektrėnai facility with a reserve power plant and a combined-cycle unit, the Kruonis Hydro Pumped Storage Plant, and the Kaunas Hydro Electric Power Plant. The main task of Lietuvos Energijos Gamyba, AB is to secure Lithuania‘s energy independence by pooling the national power generating resources.
About Nord Pool Spot
Nord Pool Spot operates Europe’s leading power markets, offering both day-ahead and intraday trading to its members. 370 companies from 20 countries trade on Nord Pool Spot’s markets in the Nordic and Baltic regions, and on our UK market N2EX. In 2013 the group had a total turnover of 493 TWh traded power.
Nord Pool Spot established a Lithuanian day-ahead bidding area in 2011 and provide efficient, transparent and secure energy markets to all customers, and secure a robust and trustworthy power price. In December 2013, an intraday market was launched in the Lithuanian and Latvian bidding areas, enabling the participants to trade one hour before the delivery of electricity.
