Energy, Energy Market, Estonia

International Internet Magazine. Baltic States news & analytics Thursday, 09.07.2020, 17:00

Extraordinarily mild weather keeps electricity price in Estonia low in January

BC, Tallinn, 12.02.2020.Print version
Low consumption caused by extraordinarily mild weather as well as an increase in Nordic hydro stocks helped keep the price of electricity low in January, Estonian state-owned power generating group Eesti Energia said LETA/BNS.

Compared with December, the average price of electricity in price area Estonia declined 21% to 30.82 euros per megawatt-hour in January. Year over year, the average price dropped 44.72%.

The balance of Nordic hydro stocks increased by 17.9 terawatt-hours (TWh) compared with December. The price of carbon emission credits fell 3.51% on month to 24.41 euros per ton.

The average price of electricity for Latvia and Lithuania was also 30.82 euros per megawatt-hour in January, while the average price for Finland was 27.16 euros and the average price for Poland 44.47 euros per megawatt-hour.

Gas prices came down mainly due to mild weather and the drop in oil prices. On the Gaspool market, the price dropped 21.29 percent on month to 11.59 euros per megawatt-hour. Year over year, a drop of 47.24 percent was registered.

The coronavirus spreading in China was the main factor affecting oil prices. The price of crude oil fell 2.3% on month to 63.67 US dollars per barrel in January.

Oil prices may be affected by a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in February, where further oil production restrictions will be decided.

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