Electricity price jump expected Thursday evening in Latvia

Electricity users with a dynamic tariff should take caution July 21 between 6 PM and 7 PM in Latvia, in order to avoid an unprecedented rapid price jump.

The information on the Nord Pool website shows that the exchange price will exceed two euros per kilowatt-hour at that hour, plus VAT, one kilowatt-hour will cost EUR 2.54.

This is twice the price of highest electricity prices in recent years, which was reached last December. The price will be equally high in Lithuania, but not in other countries in the region.

Gatis Junghāns, board member of the Augstsprieguma tīkls electricity operator, explained that the high price is caused by two conditions: local electricity production has declined, including Daugava HES repairs and low water levels, while hot weather reduces the possibility of buying electricity elsewhere.

He pointed out that similar price hikes could continue if hot weather persists and local electricity production does not increase.

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