In Baltic States, as well as in countries like Finland, Sweden and Germany, electricity prices increased last month. The average electricity price in May increased by 50%, reaching 164.20 EUR/MWh in Latvia and 151.37 EUR/MWh in Estonia. In Lithuania the average electricity price reached 164.71 EUR/MWh, up by 41% MoM.
In May, the hourly price amplitude in Baltic State varied between 6.63 EUR/MWh and 500.5 EUR/MWh, as reported by JSC Latvenergo.
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 a system price reduction to 113.61 EUR/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 of the reasons was the annual maintenance season for nuclear power plants in Nordic countries and 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.
In Baltic States general electricity generation went down by 6% in May. Electricity production from renewable energy resources went down as well.
Last week, wind energy production in Baltic States declined by 16% when compared to April, which was a major factor that contributed to price rise, which was affected by 30% less energy coming from Finland. Energy flow from Sweden’s SE4 commerce zone increased by a mere 9% in May.
Last month, 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, up by 7% YoY.
Baltic States general energy production went down by 6% in May when compared to April. A total of 1,395 GWh was produced. Electricity production volume 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, down by 44%.
In May, the ratio of total production to electricity consumption in Baltic States was 65%. In Latvia this ratio was 69%, 107% in Estonia and 34% in Lithuania. (BNN/Business World Magazine)