Wholesale electricity price in Latvia jumps 105% in one week
The average wholesale electricity price in Latvia reached 159.45 EUR/MWh last week, 105% more than a week earlier. Lower renewable generation and seasonally rising consumption drove the increase.
Wholesale electricity prices rose sharply last week across the Nordic and Baltic power market, which is covered by the Nord Pool exchange trading area. In Latvia, the weekly average price reached 159.45 EUR/MWh, up 105% from 77.79 EUR/MWh the previous week. The information was provided to the portal nra.lv by AS Latvenergo, the Latvian state energy company.
Why prices rose
According to Latvenergo, the main reason was a drop in renewable energy output. In the Nord Pool region, wind power generation fell by 8% compared with the previous week, and in the Baltic states it fell by 44%. Solar generation in the Baltics dropped by 8%. Seasonally rising consumption, which increased by 4% over the week, also contributed to the price rise.
Other countries
In Lithuania the average price was the same, 159.45 EUR/MWh, and was 98% higher than before (80.51 EUR/MWh). Estonia saw the steepest rise: 161%, to 121.05 EUR/MWh, compared with 46.38 EUR/MWh a week earlier.
The Nord Pool system price rose by 74% to 108.53 EUR/MWh, from 62.5 EUR/MWh. Prices also climbed elsewhere in Europe: in Germany by 36%, to 182.56 EUR/MWh, and in Poland by 26%, to 164.13 EUR/MWh.
Other indicators
Solar generation across the whole Nord Pool region increased by 19%. Availability of Nordic nuclear power plants rose by 7% and stood at 50%. Overall, electricity consumption in the region was 7,757 GWh, while production totalled 8,595 GWh.
