“Madness!” The price of electricity in Latvia doubled in a week 0 9

In Lithuania, the average electricity price increased by 2.1 times and, like in Latvia, amounted to €149.49 per MWh, while in Estonia the average electricity price was €147.07 per MWh, which also represents a twofold increase.

The system price of "Nord Pool" rose to €103.26 per MWh, which is 63% higher than the week before.

Last week, as the air temperature continued to drop, electricity consumption in the Northern region and the Baltic countries reached its highest level in recent years. Influenced by high consumption and lower output from wind power plants, wholesale electricity prices rose significantly.

High price levels formed across the region due to high demand, which limited export opportunities on certain days of the week, including to Finland.

The price increase was due to a 17% decrease in output from wind power plants in the "Nord Pool" region and a 45% decrease in the Baltic countries. At the same time, the availability of nuclear power plants (NPPs) in the Nordic countries continued to grow, increasing by three percentage points to 97%.

Electricity consumption in the "Nord Pool" region amounted to 11,300 gigawatt-hours (GWh), while electricity production volumes reached 11,636 GWh.

Total electricity consumption in the Baltic countries increased by 19% to 691 GWh. In Latvia, the volume of electricity consumed was 17% higher than the week before, at 165 GWh. In Estonia, consumption increased by 10% to 209 GWh. In Lithuania, 316 GWh of electricity was consumed, which is 26% more compared to the previous week.

Electricity production in the Baltic countries grew by 22%, totaling 463 GWh. In Latvia, electricity generation was 95% higher than the previous week at 166 GWh. In Estonia, production doubled to 129 GWh. Meanwhile, in Lithuania, electricity production decreased by 27% to 167 GWh.

Last week, the production-to-consumption ratio in Latvia was 101%, in Estonia it was 62%, and in Lithuania it was 53%. In the Baltic countries, 67% of the electricity consumed in the region was produced locally.