Energy, Energy Market, Estonia, Latvia, Lithuania

International Internet Magazine. Baltic States news & analytics Saturday, 20.07.2019, 04:23

Electricity prices in Baltic-Nordic region hit 10-year high

BC, Vilniaus, 14.09.2018.Print version
Electricity prices across the Nord Pool region rose for the third successive month in August 2018 to reach a ten-year high of almost 60 euros per megawatt-hour (MWh) on average, informs LETA/BNS referring to the independent electricity supplier Elektrum Lietuva.

"Electricity price changes were due to unusually hot and dry weather conditions in the region, with the drought continuing almost throughout the three summer months," Elektrum Lietuva CEO Martynas Giga said.

"The lack of precipitation led to a decrease in water levels in Nordic hydro power plants' reservoirs. As a result, generation at hydro power plants declined and the production of electricity from fossil fuels increased," Giga said.

Prices were also affected by annual maintenance on four Nordic nuclear power reactors. Repairs on the NordBalt link, underway since mid-August, drove up prices in Lithuania and Latvia, he added.

Latvia's average electricity price rose by 8% in August from July to 59.05 euros per MWh, the highest level in the Baltic region. The price in Lithuania also increased by 8%, to 59.03 euros, and that in Estonia was up by 2% to 55.38 euros.

Estonia's price was 2 euros above the Scandinavian average and the Lithuanian and Latvian prices were almost 6 euros above. 

The Baltic countries' total power consumption rose by 3% in August from a month ago to 2.17 terawatt-hours (TWh), and the region's electricity generation jumped by 20% to 1.63 TWh, Elektrum Lietuva said. 


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