Electricity prices rose by 18% in May in Latvia

The average price of electricity in Latvia increased by 18% compared to April, according to AS Latvenergo's latest survey of the electricity market, LETA reported June 26.

Karīna Viskuba, the company's commerce analyst, reports that there were different fluctuations in electricity prices in the Baltic in May.

In Latvia, the average price of electricity was 18% higher than in April, while in Lithuania it increased by 16%, with the price reaching EUR 78.02 per megawatt-hour (MWh) in both trading areas. Meanwhile, in Estonia, electricity prices fell by 1% - to an average of €65.56 per MWh.

The difference in electricity prices in the Baltic region is explained by the reduction in transmission system capacity between Estonia and Latvia by 13% compared to April, the survey says.

In May, prices in the Baltic region ranged from EUR -10.06 per MWh to EUR 629.1 per MWh. At the same time, the price of the Nord Pool system fell by 52%, to an average of EUR 37.59 per MWh.

In May, the decrease in the price of the Nord Pool system was mainly influenced by increased electricity generation from renewable energy sources in the Nordic countries. Production of wind-power plants surged 16% compared with a month earlier. Moreover, warmer weather in the Nordic countries accelerated the melting of snow in the mountains, leading to higher supply and electricity development in hydroelectric plants, which increased by 2% compared with April.

In May, 2,001 gigawatt-hours (GWh) of electricity was consumed in the Baltic, which is 6% less than in May 2022, and 1% less than in the previous month.

In Latvia, electricity consumption fell by 11% compared to May last year and 493 GWh was consumed. In Lithuania electricity consumption decreased by 4% - to 899 GWh, while in Estonia the total consumption of May was 610 GWh, 7% less than May last year.

Electricity generation fell 34% in the Baltic in May compared with April, and 23% compared with May 2022, making up 1,080 GWh.

In particular, the amount of electricity produced in Latvia represented 322 GWh, a drop of 66% compared to April. In Lithuania, electricity generation decreased by 1%, representing 384 GWh, while in Estonia generation climbed by 22% – to 374 GWh, compared with the month before.

Latvia's generation drop is explained by the passing of spring floods, as Latvenergo hydropower plants produced 278 GWh of electricity in May, a drop of 69% compared with April, and 10% less than in May of the previous year. 

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