The average price of electricity in Latvia has increased for five weeks in a row.
An increase in the average price was also observed in Lithuania, where electricity last week cost an average of 78.35 euros per MWh, which is 9% more, while in Estonia the price decreased by 4% and was 68.63 euros per MWh.
Latvenergo representatives noted that in the Baltics, although an increase in generation was observed, the development of renewable energy resources in general decreased, which means a greater impact of raw material prices on electricity prices. The price of electricity in Lithuania and Latvia was affected by 2% lower energy flows from the Swedish SE4 trade area, where, compared to the previous week, the price increased by 16% in the last seven days – to 73.31 euros per MWh. The price of Estonian electricity was affected by a 19% increase in energy flows from Finland, where the price of electricity increased by 12% to 59.52 euros per MWh.
Nord Pool’s weekly average system price, on the other hand, decreased by 11% to 38.33 euros per MWh.
Last week, the price reduction of the Nord Pool system was mainly due to the 21% increase in the development of wind farms in the region, as well as the filling of the Nordic hydro reservoirs at the normal level. The annual maintenance season of the Nordic nuclear power plants is also continuing, and last week the share of available capacity in the total installed capacity was 65%.
Compared to the week, consumption in the Nord Pool region increased to 6,735 gigawatt hours (GWh), while production reached 6,883 GWh.
Last week, the total electricity consumption in the Baltic States decreased by 1% and was 471 GWh. Among them, consumption in Latvia increased by 1% – to 128 GWh, in Estonia consumption decreased by 5% – to 122 GWh, but in Lithuania consumption increased by 1% – to 221 GWh.
Last week, total electricity generation in the Baltics increased by 3% to 256 GWh. In Latvia, electricity generation was 25% lower at 61 GWh, in Estonia production increased by 23% to 103 GWh, while in Lithuania electricity generation increased by 12% to 92 GWh.
The volume of development against consumption last week was 48% in Latvia, 85% in Estonia, and 41% in Lithuania. The Baltic States produced 54% of the electricity consumed in the region.
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