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International Internet Magazine. Baltic States news & analytics Saturday, 11.07.2020, 19:51

Electricity prices at Nord Pool power exchange drop to record-low level - Public Utilities Commission

BC, Riga , 31.03.2020.Print version
Electricity prices at the Nord Pool power exchange dropped to a record-low EUR 24.02 per megawatt-hour (MWh) in March, the Public Utilities Commission's representative Baiba Jakobsone told LETA.

Such a low price level has never been observed at Nord Pool since Latvia joined the power exchange in 2013.

According to Public Utilities Commission, the variable cost in electricity bills this month is 40 percent or EUR 16.05 lower than in March 2019, when the price was EUR 40.07 per MWh.

The Public Utilities Commission Chairman Rolands Irklis said the regulator had previously stated on several occasions that electricity users who opt for floating price contracts were often the winners, as in this particular case.

The fall in electricity prices has been facilitated by favorable weather conditions - warm winter, windy weather and increased water reserves for electricity generation. Likewise, global prices for natural gas and carbon dioxide emission quotas have also decreased, making it cheaper to produce electricity with fossil fuels.

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