Last week, the average price of electricity in Latvia and Lithuania decreased by 37%, representatives of JSC “Latvenergo” informed.
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Last week, electricity prices in the “Nord Pool” region decreased. In Latvia and Lithuania, the weekly average price of electricity was 74.91 euros per megawatt hour (MWh), and in both trading areas it decreased by 37% compared to the previous week. In Estonia, on the other hand, the “spot” price of electricity fell by 38% to an average of 73.96 euros per MWh. The “Nord Pool” weekly system price decreased by 30% to an average of 76.01 euros per MWh.
The decrease in electricity in the Nord Pool region was mainly driven by a 56% increase in wind production compared to the previous week. In addition, as a result of warmer weather, electricity consumption in the region decreased by 7%. In general, the banking crisis in the USA and Europe also had a lowering effect on the price of energy resources, reducing the volume of future transactions. The reduction of electricity prices in the Baltics was influenced by the tests of unit 3 of the Finnish Olkiluoto nuclear power plant and by 40% higher electricity flows from Finland, as well as by 6% higher flows from Sweden’s SE4 trade area.
In the “Nord Pool” region, electricity consumption was 8,813 gigawatt hours (GWh), and development volumes – 9,211 GWh.
Total electricity consumption in the Baltic States decreased by 6% to 526 GWh. The amount of electricity consumed in Latvia was 131 GWh, which is 3% less than the week before. In Estonia, electricity consumption fell by 12% to 163 GWh. In Lithuania, consumption was 232 GWh, which decreased by 4% compared to the previous week.
Last week, electricity generation in the Baltics decreased by 9%, and a total of 365 GWh was produced. In Latvia, the amount of electricity generation decreased by 8% to 152 GWh. In Estonia, electricity generation fell by 21% and was 98 GWh. On the other hand, in Lithuania, production volumes increased by 1%, and 115 GWh were produced.
In the past week, the amount of production versus consumption in Latvia was 116%, in Estonia – 60%, and in Lithuania – 50%. 69% of the electricity consumed in the region was produced in the Baltic States.
