2021.09.30 09:50

Amid spiking costs, Lithuania to cap heating, electricity prices for consumers

BNS2021.09.30 09:50

Amid a surge in heating and electricity costs, the Lithuanian government has moved to cap the prices for consumers starting in January next year, spreading out the increase over five years.

“To contain the price shock, we plan to cut off the peak of the price hike to spread it over the next five years. We believe that this peak is temporary," Energy Minister Dainius Kreivys said on Wednesday. "We have discussed these things both with companies and with the regulator."

The government has also proposed to push back the deadline by six months for a second group of consumers to choose their independent electricity supplier.

"We are suggesting moving the deadline to June, but it is up to the Seimas to make the final decision," Kreivys said.

Read more: Lithuanian households to see heating bills rise up to 30 euros a month

Under the current rules, consumers using between 1,000 and 5,000 kilowatt-hours (kWh) of electricity annually have until mid-December to choose an independent supplier. This group of consumers, mainly residents of apartment blocks, might see electricity prices rise by up to 50 percent in January.

The National Energy Regulatory Council (VERT) said earlier that the electricity price for consumers using up to 1,000 kWh per year might go up by around 20 percent from January. The gas price for households using gas for cooking could increase by 50 percent, and those using gas for heating could see their bills soar by about 80 percent.

The price of electricity for around 80 percent of all consumers who have not yet chosen an independent supplier will rise by up to 21 percent from January. Natural gas prices will increase by up to 20 percent for consumers using natural gas for cooking and by up to 30 percent for those using it for heating, according to Kreivys.

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