Negative wholesale electricity price in Latvia for the first time

For the first time in history, a negative wholesale electricity price has been observed in Latvia - on July 6 of this year from 5 to 6 a.m., the price of electricity on the Nord Pool exchange in the Latvian price area was minus €0.09 per megawatt hour (MWh), the public service regulation commission (SPRK) told news agency LETA on  July 6.

The Commission said that a gradual decrease in electricity prices was observed from the beginning of midnight on 6 July. At night, from 3 to 4, electricity price was €0 per MWh, reaching its record low level at 5 a.m.

The head of SPRK's market monitoring division, Janis Negribs, said that for those users who have chosen variable exchange price agreements, zero price and a negative electricity price on the stock exchange provide significant benefits. In the event of a zero price, those users shall not pay for electricity generation.

He explained that this price on the stock exchange did not have an impact on the trading margins and the costs of system services. This means that the user still has to pay for these services.

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