
Last week, prices rose in almost all trading areas of the Nord Pool exchange, and the average weekly price of electricity in the Baltic countries increased by 1% compared to the previous week, according to Latvenergo data. In Latvia and Lithuania, the average price reached 100.97 EUR per megawatt. hour (MW/h), and in Estonia – 100.77 EUR per megawatt-hour (MW/h). The price of the Nord Pool system increased by 29% to 27.79 euros per MWh. Average electricity prices in other European countries last week were as follows: in Poland – 115.58 euros per MWh, in Germany – 68.58 euros per MWh. The rise in prices in the Nordic trading zones last week was mainly driven by a decline in renewable energy production, with wind power production falling by 30% and solar power by 1%. In addition, due to the decrease in water inflow, the filling level of hydraulic reservoirs in the Nordic countries has dropped below normal. In the Baltics, small price increases were driven by a 23% decline in wind power production and a 5% decline in energy flows into the Baltics. Electricity consumption in the Nord Pool region was 6178 GWh, and production volumes were 6898 GWh. Total electricity consumption in the Baltic countries increased by 1% and amounted to 449 GWh. The volume of electricity consumed in Latvia was 1% lower than the previous week – 107 GWh. In Estonia, consumption increased by 1% to 121 GWh. Lithuania consumed 221 GWh of electricity, which is 2% more than the previous week. Electricity production in the Baltic countries increased by 13% to a total of 288 GWh. In Latvia, electricity production increased most sharply compared to the previous week – by 31% to 49 GWh. At the same time, in Estonia, production increased by 29% and amounted to 90 GWh. In Lithuania, electricity production remained at the level of the previous week – 148 GWh. Last week, production compared to consumption in Latvia was 46%, in Estonia – 74%, and in Lithuania – 67%. The Baltic countries produced 64% of the total electricity consumed in the region. Until August 31 this year, repair work continues on the interstate connection "EstLink 2" between Finland and Estonia. Thus, of the total installed capacity of interstate connections between Finland and Estonia – 1016 MW – only 358 MW will be available until the end of August (EstLink 1), which significantly limits the import of electricity from the Nordic countries. Latvenergo reminds that price fluctuations on the Nord Pool exchange directly affect only those customers who have entered into an agreement with an electricity supplier for a variable price based on the electricity exchange price.