Analytics, Energy, EU – Baltic States, Lithuania

Prices rose in all Nord Pool bidding areas, the head of independent electricity provider Elektrum Lietuva says.

"The almost month-long dry and hot weather not only in the Baltic states but also in all Nord Pool bidding areas was behind the rice in the price of electricity in July. Due to warm weather, the demand for electricity rose and the water level dropped in the reservoirs of hydropower plants, leading to a rise in the production of electricity from fossil fuels," Martynas Giga said.

In July, from June, electricity prices rose in all three Baltic states. They grew 7% to 54.56 and 54.55 euros per MWh in Lithuania and Latvia respectively and the price was up 13% to 54.06 euros in Estonia. During the month, power prices ranged from 45.56 to 66.04 euros.

Such high Nord Pool electricity prices were last registered in 2011, Giga noted, adding that the change further narrowed the different in power prices in the Baltic and Scandinavian countries. The price of electricity in Estonia was only 1.72 euros more expensive than in Scandinavian countries, and the difference was around 2 euros in Latvia and Lithuania.