HomeMediaLatest NewsLithuania was overtaken by retribution for "energy independence"

Lithuania was overtaken by retribution for "energy independence"

24 November 2021

Belogoryev Alexey M. Deputy Principal Director on Energy Studies, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance commented to Vzglyad.ru on the rise in the heat supply cost in Lithuania.

Like other EU states, the Republic of Lithuania has recently suffered large economic losses due to rising gas prices. The rise in tariffs in this Baltic republic is caused by the pan-European energy crisis. The "diversification" policy, which was supposed to make Lithuania "independent" from Russian gas, ultimately tied the country to fluctuations in the EU markets and caused energy shortages.

Now Lithuania finds itself in the same situation as the rest of the European Union, which has no regulators to control prices for gas energy resources.

Alexey Belogoryev, Deputy Director for Energy at the Russian Institute for Energy and Finance, notes: “This is an almost classical gas market. No artificial or natural tools have been created for it. For example, there are two regulators on the oil market - OPEC +, which artificially limits or increases production, and shale oil production in the United States, which reacts very quickly to price changes, thereby also determining the situation on the energy market. There is nothing like this on the gas market. The same American LNG does not play a serious role, and the Gas Exporting Countries Forum (GECF), which is often assigned the role of the "gas OPEC", but it is a purely deliberative forum that does not affect anything, at least at the moment."

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