Last week's electricity price jumped 22% in Latvia

Last week, electricity prices in Latvia increased by 22%, reaching EUR 512.48 per megawatt-hour (MWh) according to Latvenergo's data, newswire LETA reported on August 23.

The price also increased by 22% in Lithuania, where it was EUR 514.68 per MWh, while in Estonia the price reached EUR 422.61 per MWh, which is 19% more than a week earlier.

Meanwhile, the price in the Nord Pool system climbed by 32% - to EUR 236.27 per MWh.

Latvenergo said that the rapid price jump seen last week in the market for energy products and carbon allowances, with natural gas rising by 16%, coal rising by 15%, and the price of carbon allowances rising by 9% against the previous week's data, led to an increase in electricity prices not only in the Nordic and Baltic regions but also in Central Europe.

In the Baltic States, total electricity consumption increased by 2% - to 492 GWh. Total electricity consumption in Latvia increased by 4% and was 125 GWh, in Estonia electricity consumption was 138 GWh, 1% higher than a week earlier. In Lithuania, electricity consumption increased by 2%, with a total consumption of 229 GWh.

In the Baltic, electricity production increased by 15% - to 249 GWh. In Latvia production development volumes climbed 73% - to 55 GWh. Meanwhile, in Estonia, production volumes fell by 7% - to 103 GWh. In Lithuania, electricity development was 91 GWh, 21% higher than a week earlier.

Last week, the volume of production against consumption in Latvia was 44%, 75% in Estonia and 40% in Lithuania. In the Baltic States, 51% of the electricity consumed in the region was produced.

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