Electricity prices have risen in the Baltics, Finland, Sweden and Germany – Baltic News Network
In the Baltic countries, as well as countries such as Finland, Sweden and Germany, electricity prices rose last month. The average electricity price in May had increased by 50%, reaching EUR 164.20 / MWh in Latvia and EUR 151.37 / MWh in Estonia. In Lithuania, the average electricity price reached 164.71 EUR / MWh, which is an increase of 41% compared to April.
In May, the hourly rate amplitude in the Baltics varied between 6.63 EUR / MWh and 500.5 EUR / MWh, according to reports from JSC Latvenergo.
Electricity consumption in the Nord Pool region was 6% lower in May compared to a year ago, and 10% lower than in April, which contributed to the system price reduction to 113.61 EUR / MWh in May. The filling rate for water reservoirs in the Nordic countries fell to 9% below the normal level. Energy production in the Nord Pool region decreased by 6%. One of the reasons was the annual maintenance season for nuclear power plants in the Nordic countries and available power decreased on average to 75% of total production. At the same time, wind energy production in the Nordic countries increased by 16% compared with April.
In the Baltic countries, general electricity production decreased by 6% in May. Electricity production from renewable energy resources also decreased.
Last week, wind energy production in the Baltics decreased by 16% compared to April, which was an important factor contributing to the price increase, which was affected by 30% less energy from Finland. Energy flow from Sweden’s trading area SE4 increased by only 9% in May.
Last month, the total energy consumption in the Baltic states was at the same level as May 2021 and was 2,139 GWh. At the same time, energy consumption in Latvia fell by 4% – to 551 GWh. In Lithuania, the volume of energy consumed decreased by 2% and was 932 GWh. In Estonia, energy consumption was 656 GWh, which is an increase of 7% compared to May 2021.
The Baltic’s general energy production decreased by 6% in May compared with April. A total of 1,395 GWh was produced. Electricity production volume in Latvia decreased by 40% compared to April. 382 GWh of energy was produced. In Lithuania, energy production decreased by 12%. The country produced 313 GWh. Estonia produced 701 GWh of electricity, which is 44% below last month’s level.
In May, the ratio between total production and electricity consumption in the Baltic states was 65%. In Latvia this proportion was 69%, 107% in Estonia and 34% in Lithuania.