The average price of electricity went up by 31% in Latvia last week, reaching 84.46 EUR/Mwh, as reported by Latvenergo.
Last week electricity prices in Nord Pool regions both went up and down. The price of electricity went up generally by 31% in Baltic States, reaching 84.46 EUR/MWh.
Nord Pool system price went up by 2% last week, reaching 55.22 EUR/MWh. The average price in Poland was 85.23 EUR/MWh, in Germany it was 66.79 EUR/MWh, and in Austria it was 65.81 EUR/MWh.
Price changes were influenced by the 20% drop in wind energy production in Nordic countries, as well as a 4% lower availability of Nordic countries’ nuclear power plants when compared to the week prior. Weather in Nordic countries was warmer and rainier than normal. Which allowed electricity consumption to maintain a slight downward trend, as well as to ensure greater water inflow and a moderate increase in the performance of water reservoirs in the region.
Electricity prices in Baltic States generally followed the upward trend of price changes in neighbouring countries.
At the same time, a more pronounced electricity price growth in Baltic States came from lower electricity production from renewable energy resources – wind energy production went down by 57%, hydroelectric energy generation went down by 16%, and solar energy generation went down by 2% when compared to the week prior. Imports of energy to Baltic States went up by 34% when compared to the week prior.
Information from Nord Pool indicates that the repair work on EstLink 2 interconnection between Finland and Estonia has been extended until the 31st of August 2024. This means only 358 MW out of 1 016 MW from this interconnection will remain available until the end of August. This severely limits electricity importing and exporting capabilities between Nordic and Baltic states.
Electricity consumption in Nord Pool region was 8 615 GWh, whereas electricity generation volumes reached 8 975 GWh.
Overall electricity consumption in Baltic States went up by 3% and was 536 GWh. In Latvia consumption was 4% higher than the week prior – 128 GWh. In Estonia consumption went up by 1% – to 167 GWh, whereas in Lithuania electricity consumption reached 241 GWh, which is 3% more when compared to the week prior.
Electricity generation in Baltic States went down by 17%, reaching a total of 357 GWh. In Latvia electricity generation went down by 11% – to 172 GWh. In Estonia generation went down by 12%, reaching 81 GWh, and in Lithuania electricity production went down by 27%, reaching 104 GWh.
Also read: Proportion of Latvian population exposed to social deprivation goes down
Follow us on Facebook and X!