Last week, the average price of electricity in Latvia fell by 39% and was 208.55 euros per megawatt hour (MWh), the LETA agency was informed by representatives of JSC “Latvenergo”.
Last week, weekly average electricity prices fell across all “Nord Pool” commercial areas.
In Latvia, the weekly average price of electricity decreased by 39% and in Lithuania by 40% and in both countries the average price of electricity was 208.55 euros per MWh. In Estonia, the price of electricity fell by 23% to € 187.56 per MWh. Last week the price of the “Nord Pool” system fell by 59%, reaching € 59.98 per MWh.
Warmer weather, increased rainfall, and a 76% increase in wind farm development influenced the Nord Pool system’s price reduction last week. Also in the Baltic countries, the reduction in electricity prices was influenced by the development of wind farms, which increased almost three times, as well as by the increased overall energy flows from Finland (FI), Sweden (SE4) and Poland (PL). by 12%.
In the “Nord Pool” region, electricity consumption was 6,880 gigawatt hours (GWh), while development volumes increased to 7,407 GWh.
Total electricity consumption in the Baltic states increased by 2% to 479 GWh. In the Baltic countries, the largest increase in electricity consumption was in Estonia, by 5%, where 147 GWh was consumed. Consumption in Latvia increased by 2% to 120 GWh. On the other hand, in Lithuania it was 1% higher than a week earlier – 212 GWh.
Electricity production in the Baltic states increased to 271 GWh, 5% more than the week before. In Latvia, the amount of electricity generation grew by 51% to 36 GWh. In Lithuania, electricity production increased by 39% to 98 GWh. In Estonia, on the other hand, production volumes decreased by 17% to 137 GWh.
In the past week, the amount of production compared to consumption in Latvia was 30%, in Estonia – 93% and in Lithuania – 46%. 57% of the electricity consumed in the region was produced in the Baltic states.
