According to the information on the Nord Pool website, this is the first time that the average electricity price in a Latvian trading area exceeds 100 euros per MWh in any one week.
Prices have also risen in the trade areas of Estonia and Lithuania. In Estonia, the price was 12% higher than a week earlier, amounting to 107.31 euros per MWh, while in Lithuania the price increased by 13% to 107.97 euros per MWh.
Latvenergo explained that the increase in electricity prices in the Baltics was mainly due to the increase in electricity prices in the Nordic countries. Energy flows from Sweden’s SE4 sales area decreased by 66%, from Russia they were 25% lower, and energy flows from Finland increased by 2%. The annual maintenance season of the Nordic nuclear power plants also continued, with the share of available capacity last week accounting for 70% of the total installed capacity.
Also last week, the price also increased in the Nord Pool system as a whole – it increased by 9% and reached 77.88 euros.
Weather played an important role in the rise in electricity prices. The development of wind farms decreased by 12% last week, and hydrological indicators also deteriorated as precipitation in the Nordic countries decreased. These factors, together with record high carbon and raw material prices, as well as high electricity prices in Germany, have contributed to the increase in the price of the weekly system.
Compared to the previous week, consumption in the Nord Pool region remained at the previous week’s level, consuming 6,861 gigawatt hours (GWh), while production volumes decreased slightly and 6,754 GWh were produced.
Last week, the total electricity consumption in the Baltic States decreased by 1%, and a total of 493 GWh was consumed. In Latvia, consumption decreased by 1% to 129 GWh, in Estonia consumption was 2% lower, and a total of 145 GWh was consumed, while in Lithuania consumption remained at the previous week’s level and was 219 GWh.
Last week, total electricity generation in the Baltics increased by 32% to 244 GWh. Among other things, electricity generation in Latvia decreased by 3% and produced 37 GWh in the previous week, in Estonia production volumes increased by 33% and amounted to 121 GWh, while in Lithuania electricity generation increased by 55% and produced 86 GWh.
Last week, the volume of development against consumption in Latvia did not change and was 29%, in Estonia it increased to 83%, but in Lithuania it increased to 39%. The Baltic States produced 49% of the electricity consumed in the region.
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