Photo: reuters / scanpix / leta
Last week, the price of electricity in Latvia increased by 10%, reaching 201.72 euros per megawatt hour (MWh), which is the highest figure for one week this year, according to information on the Nord Pool website.
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The price of electricity in one week for the first time this year has exceeded 200 euros per MWh limit. The last time the price in Latvia exceeded this mark was in the 51st week of last year – from 20 to 26 December – when 247.5 euros per MWh had to be paid for electricity.
Similarly, 201.72 euros per MWh of electricity was paid in Lithuania, where the price increased by 9%, while in Estonia it increased by 17% – to 175.5 euros per MWh. Last week, the price of the Nord Pool system decreased by 22% to 97.36 euros per MWh.
Representatives of Latvenergo AS informed LETA that last week warmer weather reduced electricity demand in the Nord Pool region, but higher rainfall and increased inflows due to melting snow contributed to higher water levels in the Nordic reservoirs. This contributed to the fall in the price of the Nord Pool system, which was also exacerbated by falling prices in the energy and emission allowance markets.
Meanwhile, the increase in electricity prices in the Baltics was due to lower production of renewable energy – wind and hydropower – in the region, as well as 18% lower energy flows from Finland and 10% lower flows from the SE4 sales area in Sweden.
The annual maintenance season for the Nordic nuclear power plants also continued last week, with 79% of the total installed capacity available last week.
In the Nord Pool region, electricity consumption decreased to a total of 6,558 gigawatt hours (GWh) and production fell to 6,883 GWh.
In the Baltic States, total electricity consumption decreased by 1% to 470 GWh. 122 GWh were consumed in Latvia, as in the previous week. In Estonia, electricity consumption was 142 GWh, a decrease of 2%, while in Lithuania consumption remained at the previous week’s level, consuming a total of 206 GWh of electricity.
In the Baltics, electricity generation decreased by 4%, producing 267 GWh. In Latvia, electricity generation fell by 21% to 50 GWh. At the same time, production volumes in Estonia increased by 4% to 164 GWh. In Lithuania, electricity generation was 53 GWh, which was 7% less than in the previous week.
Last week, the volume of development against consumption in Latvia was 41%, in Estonia – 115%, but in Lithuania – 26%. The Baltic States generated 57% of the electricity consumed in the region.
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