The average electricity price in May 2022 increased to 164.20 EUR/MWh in Latvia’s region. This is 50.1% more when compared to April and 239% more when compared to May 2021, according to the report from JSC Augstsprieguma tīkls.
In Europe electricity prices were equalised – in April 1 MWh cost between EUR 79.36 in Finland and EUR 233.10 in France. In May, on the other hand, prices fluctuated between EUR 132.66 and EUR 197.43 in countries in which electricity is general cheaper. Prices dropped in countries where electricity prices were previously higher.
The price drop is linked to reduced consumption after the end of the heating season, whereas the increase – with maintenance that has commenced on the interconnection, which means limited transmission output.
Compared to April, imports of electricity from Russia to Baltic States has dropped by 69% in May. When compared to May 2021 it has dropped 7.4 times, which is related to the joint decision by European countries to cease purchasing electricity from Russia.
In May there was a 6.5% drop of imports of electricity from Europe. At the same time, imports from Europe had increased 28.4% when compared to May 2021. The changes are linked to higher or lower transmission output restrictions due to maintenance on interconnections last year and this year.
Electricity price in Latvia up 239% over the course of the year
