Electricity prices spiked in Latvia in May

In May 2022, the average electricity price in the Latvian trading area increased to EUR 164.20 per megawatt-hour (MWh), which is 50.1% more than in April, but compared to May 2021 the price is 239% higher, according to information from Latvian transmission system operator AS Augstsprieguma tīkls.

In May the electricity prices in Europe evened out: in countries where electricity was on average cheaper, its price increased, while where it was on average more expensive, prices decreased.

The price decrease is attributable to the decrease in consumption after the heating season, while the increase was due to interconnector maintenance repairs, which resulted in a limited transmission capacity.

In May, compared to April, electricity imports to the Baltic from Russia decreased by 69%, compared to May 2021 by 7.4 times, due to a joint decision by the European Union not to purchase electricity from Russia from May 22, 2022 due to the sanctions imposed on Ukraine and the import capacity constraints imposed since March.

Electricity imports to the Baltic from Europe also decreased by 6.5% in May compared to April, but increased by 28.4% compared to May 2021. These changes are attributable to transmission capacity constraints due to line maintenance work last year and this year.

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