Baltics give up Russian electricity after Nord Pool suspends trade

Lithuania's power needs are now met through local generation and imports via the existing interconnectors with Sweden, Poland and Latvia.

"Not only it is an extremely important milestone for Lithuania in its journey towards energy independence, but it is also an expression of our solidarity with Ukraine. We must stop financing Russian war machine," Lithuanian Energy Minister Dainius Kreivys said in a statement.

Lithuania will achieve full energy independence when it successfully implements the synchronization project, meets its electricity needs through local green energy production and becomes an electricity exporter, the minister added.

Rokas Masiulis, CEO at Litgrid, Lithuania's power transmission system operator, also points out that third country markets are not linked to the European electricity market, and their offers do not affect prices in the Lithuanian trading zone, so the suspension of trade with Russia will not have a significant impact on Lithuanian electricity prices.

Imports of Russian electricity to Lithuania have been going down steadily in recent years. Last year, electricity imports from Russia accounted for 17 percent of Lithuania's total electricity imports and 16 percent of the country's total electricity consumption, Litgrid said.

Meanwhile, power imports from Sweden, Poland and Latvia accounted for a total of 83 percent of Lithuania's total electricity imports last year.

Commercial power flows with Belarus through Lithuania's existing interconnectors have also been suspended from early November, 2020.

Lithuanian companies have also already given up Russian oil and natural gas since Russia started its war in Ukraine.