Electricity price in Latvia down 55% last week

Last week the electricity price in Latvia decreased by 55% to 111.68 EUR/MWh, as reported by JSC Latvenergo representative Ivita Bidere.
The price in Lithuania decreased by 56% and was 111.68 EUR/MWh. In Estonia the electricity price was 111.61 EUR/MWh, which is a reduction of 52% when compared to a week prior. The price in Nord Pool system decreased 48% to 105.51 EUR/MWh last week. Electricity consumption had decreased in the entire Nord Pool region due to the long holiday and calm weather. Wind turbine park power output had increased 19% at the same time.
Electricity price reduction was also influenced by lower energy resource (natural gas and coal) prices. In the Baltic States the price reduction was also affected by lower prices in neighbouring countries, the 55% increase in energy influx from Finland, nearly four times larger influx of energy from Sweden’s SE4 trade region and 48% larger influx of energy from Russia.
Compared to a week prior, Nord Pool region’s electricity consumption decreased to 9 502 GWh. Production output volumes decreased to 8 922 GWh.
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Last week general electricity consumption in Baltic States decreased 5% to 595 GWh. In Latvia consumption decreased 6% to 149 GWh, in Estonia electricity consumption was 5% below that of the week prior and was 182 GWh. In Lithuania electricity consumption decreased 4% to 264 GWh.
In Baltic States electricity production decreased 40% to 291 GWh when compared to the week prior. In Latvia electricity production output decreased 49% to 83 GWh, in Estonia production output decreased 31% to 141 GWh and in Lithuania electricity production was 67 GWh, which is 42% lower than the week prior.