Energy, Energy Market, Estonia, Latvia, Lithuania
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 01:37
Electricity prices in Baltic-Nordic region hit 10-year high
"Electricity price changes were due to unusually hot and dry weather
conditions in the region, with the drought continuing almost throughout
the three summer months," Elektrum
Lietuva CEO Martynas Giga said.
"The lack of precipitation led to a decrease in water levels in
Nordic hydro power plants' reservoirs. As a result, generation at hydro power
plants declined and the production of electricity from fossil fuels
increased," Giga said.
Prices were also affected by annual maintenance on four Nordic nuclear
power reactors. Repairs on the NordBalt
link, underway since mid-August, drove up prices in Lithuania and Latvia, he
added.
Latvia's average electricity price rose by 8% in August from July to
59.05 euros per MWh, the highest level in the Baltic region. The price in
Lithuania also increased by 8%, to 59.03 euros, and that in Estonia was up by 2%
to 55.38 euros.
Estonia's price was 2 euros above the Scandinavian average and the
Lithuanian and Latvian prices were almost 6 euros above.
The Baltic countries' total power consumption rose by 3% in August from a
month ago to 2.17 terawatt-hours (TWh), and the region's electricity generation
jumped by 20% to 1.63 TWh, Elektrum
Lietuva said.