Lithuanian Consumers Lost 2 Million Euros In a Day Due To High Energy Prices

On Tuesday (19.04) the price of electricity in Lithuania rose more than 2 times when compared to the day before. This is a cost that comes out of the local consumer’s pockets accosting to about 2 million euros in energy cost for just 9 hours of consumption. Yet it is a cost that can be avoided if consumers would use innovative energy solutions.

“High energy prices are not that uncommon,” says Fusebox’s Lithuanian representative Aleksandr Petrov. “What is important is to understand is that it’s a cost that can be avoided. If we take Tuesday’s prices as an example, then the prices stayed up for 12 hours with the peak reaching 295€/MWh in the morning. This is more than 2 times higher than the day before, resulting in about 2 million euros additional costs for consumers.”

According to Petrov, these additional costs can be avoided by involving consumers in influencing the market price of electricity through smart grid solutions. “Companies have the possibility to flexibly lower their consumption during these peak price hours without having a negative impact on their core business. It would result in being able to lower the high prices by about 50%.”

“By integrating power plants using renewable energy sources, the power system needs additional flexibility in system control, ensuring reliability. One of the flexibility measures is demand response. For Litgrid, as the electricity transmission system operator, it is very important to have sufficient control measures at a competitive price. Properly used demand response on the electric grid benefits everyone not only to save money but contributes also towards energy security”, says Audrius Baranauskas, Head of Innovations of Litgrid’s Strategy Department.

All of this can be successfully managed through innovative solutions that let you automatically change the electricity consumption by distributing the overall load in the grid. A lot of companies already have the possibility to add these solutions to their automation, letting them actively participate in the energy market.

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