Baltic, Energy, Financial Services, Lithuania

"Depending on the region, the biofuel price currently is by 20-30% smaller than in the previous heating season. The currently smaller prices will later be reflected in the bills for consumers too. Biofuel price accounts for around 50% of the final heat price, therefore, the bills could be 10-15% smaller," says Lithuanian Deputy Energy Minister Vidmantas Macevicius.

So far, six heat suppliers have made long-term biofuel supply contracts for the upcoming season.

Daiva Garbaliauskaite, acting director general of Baltpool, says that once the weather gets colder biofuel prices will probably grow.

Baltpool acts as Lithuanian electricity financial market administrator and as Lithuanian gas market operator.

Wholesale trading of natural gas administered by Baltpool takes place on the commodities exchange by trading natural gas or transfer of right of acquisition of natural gas.