Electricity prices hit year's record last week in Latvia

Last week, electricity prices in Latvia increased by 10%, reaching EUR 201.72 per megawatt-hour (MWh), the highest weekly figure this year, according to information on the Nord Pool website, LETA reported June 13.

The price of electricity over one week has exceeded 200 euros per MWh for the first time this year. From December 20 to 26, 2021, the electricity cost was higher at EUR 247.5 per MWh.

Last week in Lithuania the price of electricity was also EUR 201.72 per MWh with an increase of 9%, while in Estonia it increased by 17% to EUR 175.5 per MWh.

Last week, the price of the Nord Pool system decreased by 22%, to EUR 97.36 per MWh.

Representatives of Latvenergo told LETA that the growth in electricity prices in the Baltic was driven by lower volumes of production of renewable energy – wind and hydroelectric power plants – in the region, as well as by 18% lower energy flows from Finland and by 10% lower flows from Sweden'S SE4 trading area.

In the Baltic States total electricity consumption decreased by 1% to 470 GWh. 122 GWh were consumed in Latvia, as was the week before. In Estonia electricity consumption was 142 GWh, a decrease of 2%, while in Lithuania consumption remained at the level of the previous week and a total of 206 GWh of electricity was consumed.

Last week the volume of production against consumption in Latvia was 41%, in Estonia – 115% and in Lithuania – 26%.

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