Last week's electricity prices were relatively high in Latvia

Last week, the price of electricity in Estonia rose by 55% to 99.51 EUR per megawatt-hour (MWh), while in Latvia and Lithuania it was EUR 96.45 per MWh, which is an increase of 50% against the previous week, Latvenergo representatives told LETA February 12.

Electricity prices rose in nearly every trading area of Nord pool. The price of the Nord Pool system rose more than twice last week to 68.92 euros per MWh, in Finland the price of electricity rose to 103.97 euros per MWh during the week, in Poland the average price was 80.66 euros per MWh.

The increase in electricity prices was driven by a 50% drop in wind power generation in the Nordic countries. In addition, electricity consumption in the Nordic countries was 14% higher than a week earlier. It was affected by air temperature, which was below the norm, Latvenergo representatives said.

A similar situation was observed in the Baltics - consumption increased by 5%, while the production of wind power plants fell by 55%, and it could not be compensated either by the production of electricity in solar plants, which was 10% higher, or by the production of hydroelectric power plants, which was 14% higher. Furthermore, energy flows from Sweden'S SE4 trading area fell 2%, while flows from Finland, where the price rose, fell 71% from the previous week.

In the Nord Pool region, electricity consumption was 10,493 gigawatt hours (GWh) and development volumes were 10,536 GWh.

Last week, the generation volume against consumption in Latvia was 126%, in Estonia – 48%, and in Lithuania – 59%. In the Baltic States, 72% of the electricity consumed in the region was produced locally.

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