Baltic suffers soaring electricity, gas tariffs

Gas and electricity tariffs in Lithuania will be significantly higher from July 1, the country’s government announced on Friday, promising to help the population with compensation payments.

Gas prices for Lithuanian households increased by 27.5% to 41.5% depending on consumption, according to the State Council for Energy Regulation.

Electricity prices have now doubled, but subsidies promised by the government are expected to offset rising costs and push up electricity bills by 40%.

The minimum tariff for electricity is now €0.24 per megawatt-hour, with households being able to receive remuneration of €0.09 per megawatt-hour.

The government grants are expected to help around 600,000 of the most vulnerable citizens. The Lithuanian government has allocated 570 million euros ($593 million) to help balance electricity and gas prices this year, of which 365 million euros ($379.7 million) will go towards consumer debt.