Last week, the average price of electricity in Latvia and Estonia increased by 62%

Last week, the average weekly price of electricity in Latvia and Estonia increased by 62%, AS “Latvenergo” informed.

Last week, electricity prices increased in all sales areas of “Nord Pool”. In Latvia and Estonia, the average weekly price of electricity was 104.77 euros per megawatt hour (MWh), which together increased by 62% compared to the previous week. In Lithuania, on the other hand, the price of electricity increased by 64% to 106.06 euros per MWh.

The price of the “Nord Pool” system rose by 102% to an average of 99.34 euros per MWh. Electricity prices also increased in Central Europe: Austria saw a sharp increase of 193% compared to the previous week to an average of €133.92 per MWh, in France by 142% to €110.03 per MWh and in Germany the price of electricity was 101.63 euros per MWh or 223% more than the previous week.

Electricity consumption in the Nord Pool region increased by 10% last week, influenced by cooler weather and the end of the festive period. In addition, the development of wind farms also decreased by 19% compared to the previous week. In the Baltics, the price increase was influenced by price increases in neighboring countries, as well as a 12% drop in energy flows from Finland, while flows from Sweden’s SE4 business area remained unchanged.

In the “North Pool” region, electricity consumption was 9,398 gigawatt hours (GWh) and development volumes – 9,485 GWh.

Total electricity consumption in the Baltic states increased by 12% to 570 GWh. Electricity consumption in Latvia increased by 9% to 137 GWh. The amount of electricity consumed in Estonia was 188 GWh, 14% more than the previous week. On the other hand, consumption in Lithuania increased by 12% and was 245 GWh.

Electricity generation in the Baltic states increased by 42% and 423 GWh was produced. In Latvia, the amount of electricity generation rapidly increased by 141% to 204 GWh. In Estonia, electricity generation increased by 21% to 125 GWh. Meanwhile, in Lithuania, production volumes fell by 15% to 94 GWh.

Over the past week, the volume of production relative to consumption in Latvia was 149%, in Estonia 67% and in Lithuania 38%. 74% of the electricity consumed in the region was produced in the Baltic states.