Monday will see record electricity prices in Latvia

On Monday, December 6, the Nord Pool exchange in the Latvian region forecasts a new record-high average electricity price of EUR 290,06 per megawatt-hour (MWh), according to Nord Pool information.

It is predicted that on Monday between 16:00 and 17:00 electricity prices will rise to EUR 626.06 per MWh. 

Previous records on the price of the electricity exchange were reached earlier Monday, November 29, when the daily average price was €263.96 per MWh, but in the afternoon from17 to 18 electricity prices climbed to EUR 421.87 per MWh.

As Latvenergo explained, the main reason for this is the weather as well as additional increases in carbon dioxide (CO2) quota prices.

According to State JSC High Voltage Network, in November, the average electricity price in the Latvian trading area reached a new historical peak of EUR 125.39 per megawatt-hour (MWh), which is 17.8% more than in October, but compared to November 2020 the price is 3.1 times higher.

The average price was significantly affected by the final days of November, when a new daily average price of EUR 263,96/MWh was reached on 29 November.

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