Energy, Energy Market

Prices averaged 31.7 euros per megawatt-hour (MWh) in Nord Pool's Lithuanian bidding area, 31.8 euros in Latvia and 30.1 euros in Estonia, the independent electricity supplier said.

Average wholesale electricity prices declined across the Nord Pool power exchange last month. 

Elektrum Lietuva attributed the downward trend in the Nordic countries to climatic and hydrological conditions that increased the region's wind and hydro power generation capacity.

Increased energy flows from neighboring countries added to the decline in prices in the Baltics, too. 

"A negative hourly electricity price was recorded in the Baltic countries in early July due to fluctuations in wind power capacity," Martynas Giga, the company's CEO, said. 

"Such a situation is more common in regions with plentiful wind and other renewable energy resources, but the Baltic countries registered a negative price for the first time," he added. 

The three Baltic states' total electricity production decreased by 16% m-o-m to 1.021 terawatt-hours (TWh), covering 51% of the region's needs.