Developments on Renewable Energy Investments

Vilnius, Lithuania, 12 October 2018

On the October 3, the Government approved the amendments to the Law on Renewable Energy, which establishes a new support model for encouraging power plants to generate energy from renewable energy sources.

This will enable to further development of renewable energy, which is one of the key goals of the national strategy on energy. The Government offers to continue allocating the support through auctions since this approach can ensure the lowest possible price to consumers. The most important criterion, which will determine the winners of the new auctions, is the lowest surcharge on electricity market price on the Nordic electricity exchange Nordpool.

Auctions will be also open for electricity producers from other EU Member States, which have a direct link with Lithuania and have signed bilateral agreements. It is expected that the new procedure for RES auctions will be approved during the autumn session of the Seimas and will come into force on 1 May 2019.