Between June 8th and June 14th, wholesale electricity prices across the Baltic region exhibited varied trends according to recent market reports. On the Nord Pool spot exchange in the Lithuanian price zone, the average wholesale electricity price saw a reduction, falling from 98 to 91 euro per megawatt hour (MWh). Latvia recorded an electricity price comparable to that observed in Lithuania.
In contrast, Estonia reported an average price of 69 euro per MWh for the period. The report noted a significant fluctuation in the Estonian market. Despite the lower average weekly price, the instantaneous electricity price in Estonia spiked to 359 euro per MWh on a Friday evening, specifically between 7:45 p.m.
and 7:59 p.m. This sharp increase in the electricity price was attributed to planned maintenance on the “EstLink 2” connection. Insufficient bypass capacity for cheaper imports originating from Finland necessitated the sourcing of power from Latvia, at which point the electricity prices across the Baltic countries were reported as being equal.
The report further contextualized this event by stating that such a high instantaneous price level in the Baltic countries had not been seen since June 1st. Overall, the data highlights the relationship between infrastructure maintenance, import sources, and volatile electricity pricing mechanisms in the region.
Topics: #price #electricity #per
This price drop is welcome news for consumers managing energy costs.
What factors contributed to the 7% decrease in wholesale electricity prices in Lithuania during that week?