September 9, 2019 / 3:05 PM / 6 days ago

Lithuania proposes green energy auctions to cut power imports

OSLO, Sept 9 (Reuters) - Lithuania, which under its energy independence strategy needs to get some 38% of its power from renewables by 2025, on Monday proposed three green energy auctions for 2020-2022 to help attract investment, its energy ministry said.

The investment will eventually generate a combined 2.1 terawatt hours (TWh) per year of power in a country that only produced some 3.2 TWh from a total of about 12.2 TWh consumed in 2018, importing most of the rest from Baltic neighbours, Sweden and Belarus.

The new auctions, accounting for 0.7 TWh each year are added to a 0.3 TWh auction Lithuania announced last week and aim to bring projects that will have a capacity to produce 2.4 TWh.

The auctions are energy neutral, meaning all renewable energy forms can qualify, including solar, wind, biomass, biogas among others, the energy ministry said.

“Lithuania has set ambitious targets for the development of renewable energy and a clear plan for achieving them ... The approved auction schedule will allow investors to evaluate their options and prepare properly for all auctions,” energy minister Zygimantas Vaiciunas was quoted as saying in a statement.

In the 0.3 TWh auction announced last week the highest auction price that would be accepted was set at 48.93 euros per megawatt hour (MWh) including the premium, and the lowest bidder would be the preferred candidate.

The Lithuanian government still has to approve the proposal. (Reporting by Lefteris Karagiannopoulos and Nerijus Adomaitis; editing by David Evans)

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