Electricity price up by one-fifth in November, down by half last week in Latvia

In November 2022 the average electricity price, when compared with October, increased by 20%, according to Latvenergo Electricity Market review. Last week the average electricity price went down by 51% in Baltic States.
A tendency for electricity prices to decline has been observed over the last two months. This changed in November: the price in Nord Pool system went up by 49% to an average of 109.26 EUR/MWh. In Latvia the average price of electricity was 226.44 EUR/MWh in Latvia, 226.63 EUR/MWh in Lithuania. In these two trading regions prices increased by 20%. In Estonia, meanwhile, average electricity prices increased by 26%, reaching 218.99 EUR/MWh.

In November hourly prices in Baltic States varied from 0.09 EUR/MWh to 549.91 EUR/MWh.

Latvenergo explained that last month electricity price rise came from the 13% drop in electricity generation from wind turbines in the Nord Pool region. Due to colder weather, however, electricity consumption in the region increased by 11%. In November the level of reservoirs of hydro electric dams was 3% below the norm in Nordic countries.
Electricity price rise in Baltic States increased by 33% due to lower influx of energy from Finland, which was caused by an unexpected drop in output in Finnish-Estonian connection Estlink-1 in the second half of the month. The closure of Lithuanian-Swedish NordBalt connection for annual maintenance also caused a drop in electricity supplies from Sweden’s SE4 trade region by 9% when compared with October.
In November the electricity future contract price drop was caused mainly by lower energy product prices, as well as fluctuations in the hydro balance of the Nordic countries, which improved from -8.4 TWh to -2.5 TWh over the course of the month. At the end of November it dropped to -8.6 TWh.
In November Baltic States consumed a total of 2 283 GWh of electricity, which is 6% more when compared with October and 6% less when compared to the same month of 2021. Last month Latvia’s total electricity consumption was 3% higher when compared with October, 11% less when compared with November 2021, and was 554 GWh. In Lithuania electricity consumption increased by 7% when compared with October and went down by 6% when compared with November 2021, reaching 1 007 GWh. In Estonia electricity consumption reached 721 GWh, which is 8% more when compared with October and 3% when compared with last year.
In Baltic States total electricity generation in November was 1 421 GWh, which is an increase of 23% when compared with October and 2% when compared with the same period of 2021.
Last month the volume of electricity generated in Latvia rapidly increased by 141% when compared with October, reaching 449 GWh.
In Lithuania electricity generation went down 7%, reaching 328 GWh. Estonia’s volume of generated electricity was 644 GWh, which is 4% more when compared with a month prior.
According to the market report, data from the Latvian State Environment, Geology and Meteorology Centre indicates that the volume of precipitation in the country in November was 34 mm, which is 43% below the average (59.6 mm).
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