In Baltic States, as well as countries like Finland, Sweden and Germany, electricity prices have increased by 50%, reaching €164.20/MWh in Latvia and €151.37/MWh in Estonia.
Kuivamatala island wind power generators, Finland. Credit: Teemu Vehkaoja, CCBY-SA 3.0, Wikimedia Commons
In Baltic States, as well as countries like Finland, Sweden and Germany, electricity prices have increased by 50%, reaching €164.20/MWh in Latvia and €151.37/MWh in Estonia. In Lithuania the average electricity price reached €164.71/MWh, which is an increase by 41% when compared to April.
In May the hourly price amplitude in Baltic State varied between €6.63/MWh and €500.5/MWh.
Electricity consumption in Nord Pool region was 6% lower in May when compared to a year ago, as well as 10% lower when compared to April, contributing to system price reduction to €113.61/MWh in May. The filling level of hydro reservoirs in Nordic countries went down to 9% below the normal level. Energy generation in Nord Pool region dropped by 6%. One reason was the annual maintenance season for nuclear power plants in Nordic countries, due to which available power output reduced on average to 75% of the total output. At the same time, wind energy production in Nordic countries increased by 16% when compared to April.
Last week wind energy production in Baltic States declined by 16% when compared to April. This was a major factor that contributed to price rise, since the Baltic States had to deal with 30% less energy coming from Finland. Energy flow from Sweden’s SE4 commerce zone increased by only 9% in May.
Last month, the total energy consumption in Baltic States remained on the level of May 2021 and was 2,139 GWh. At the same time, in Latvia, energy consumption went down by 4% – to 551 GWh. In Lithuania, the volume of consumed energy went down by 2% and was 932 GWh. In Estonia, energy consumption was 656 GWh, which is an increase of 7% when compared to May 2021.
Generally, in the Baltic States energy production went down by 6% in May when compared to April. A total of 1,395 GWh of power was produced. Electricity production volumes in Latvia went down by 40% when compared to April. 382 GWh of energy was produced. In Lithuania energy production went down by 12%. The country produced 313 GWh. Estonia produced 701 GWh of electricity, which is 44% below last month’s level.
Related: 10th Electricity Price Forecasting & Advanced Modelling 2022
