OREANDA-NEWS. October 29, 2009. On October 29, 2009 Lietuvos Energija AB and Nordic power exchange Nord Pool Spot AS signed a contract regarding the provision of Nord Pool Spot principles-based trade administration service at Lithuanian power exchange. 

By this contract Lietuvos Energija and market players of Lithuania acquire a right to use the electricity trade platform administered by Nord Pool Spot AS and used throughout the Nordic countries,” – says Mr. Aloyzas Koryzna, Chief Executive Officer of Lietuvos Energija AB. According to him, “Through development of Lithuanian power market in such way we are implementing the goal stipulated in the agreement of Prime Ministers of the Baltic States reached on April 27, 2009 – to create a common Baltic and Nordic electricity market,” – said Mr. Aloyzas Koryzna, CEO of Lietuvos Energija AB.

The Lithuanian electricity market will function according to day-ahead (Elspot) model, i.e. Nord Pool Spot AS will perform calculations of price, forming at the Lithuanian power exchange and scope of trade for each hour of the following 24 hours in accordance with proposals, submitted by Lithuanian market players, to purchase and sell electricity and will provide result reports on trade performed by market players at the Lithuanian power exchange.

With regard to the provided trade results, the market operator will administer mutual settlements of Lithuanian market players for the electricity traded at the power exchange.   

Subsequent to the implementation of technical solutions of the new market model, Lithuanian electricity market, in accordance with Nord Pool Spot AS principles of the Nordic countries, will start functioning from January 1, 2010.