Electricity prices up 20% in November in Latvia

The average price of electricity in Latvia increased by 20% in November compared to October according to Latvenergo's latest review of the electricity market.

In November 2023, on the Nord Pool stock exchange, the price of electricity rose in almost all trading areas. In the Baltic States, the average price was EUR 105.2 per megawatt-hour (MWh), which is an increase of 20% compared to October. Hourly prices in the Baltics last month ranged from 3.06 euros per MWh to 777.18 euros per MWh.

Overall, the price of the Nord Pool system rose 2.8 times in November compared to the previous month, reaching an average of €74.58 per MWh.

Air temperature in the Baltics was below the norm in the second half of the month, which contributed to a 6% increase in the amount of electricity consumed in November compared to this period last year.

The rise in electricity prices in November was also driven by a drop in wind and solar development - wind-generated electricity fell 43% month-on-month, while solar development fell 60%. Although the development of hydroelectric power plants increased 2.3 times compared to October, in absolute values it was unable to compensate for the reduction of development of other renewable energy resources.

The total amount of electricity produced by the Baltic States in November was 1320 GWh, which is 7% more than a month ago. Production volumes in Latvia increased by 82% - to 478 GWh, compared to October. Meanwhile, electricity development in Lithuania decreased by 30% and was 445 GWh. Estonia produced 397 GWh of electricity, up 20% from the previous month.

The Baltic electricity consumption and generation ratio in November accounted for 54%. In Latvia, this proportion was the highest - 82%, in Lithuania - 41%, while in Estonia it was 52%.

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