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In the Baltic countries, the hourly price range in May ranged from 1.00 Eur / MWh to 255.00 Eur / MWh.
“A major factor influencing the price of electricity in June was the hot and dry weather not only in the Baltic countries, but also in the rest of Europe. Compared to June last year, this represented 4 percent. increased demand throughout the Nord Pool region and 11% reduction in electricity production in the region. The electricity price in June was also affected by the lower production capacity of wind power plants, which, compared to May, decreased by 13% in the Nord Pool region and by up to 55% in the Baltic States.
Price levels in neighboring countries have also had an impact on electricity prices in the Baltic States. In June, Finnish energy flows increased by 22%, which meant that the lowest price of electricity in the Baltic countries was recorded in the commercial area of Estonia. At the same time, flows from the SE4 area of Sweden were only 4 percent. lower than a month ago, resulting in the highest price among the Baltic states in the Lithuanian trade area. In addition, the increase in prices in the Baltic countries was also influenced by energy flows from Russia, which decreased by 41% in June, ”says Martynas Giga, director of the electricity supply company Elektrum Lietuva.
In June, average monthly electricity prices at various Nord Pool outlets showed different trends, causing average system prices to drop by 2%. up to 43.54 Eur / MW.
In Lithuania, consumption grew and production decreased
In June 2018, GWh of electricity was consumed in the Baltic States, which is 2 percent. more than in the same period in 2020. An increase in electricity demand was observed in Lithuania and Latvia: in Lithuania, electricity consumption grew by 4% to 942 GWh in June. In Latvia, compared to June last year, it increased by 3% to 546 GWh. In Estonia, 530 GWh of electricity was consumed, which represents 4%. less than in June of last year.
Compared to the previous month, electricity production in the Baltic countries decreased by 9% in June, to 1,077 GWh. In Lithuania, 346 GWh of electricity was produced, which represents 2 percent. less than in May. In Latvia, production volumes decreased by 34% compared to the previous month, to 347 GWh. In Estonia, electricity production increased to 384 GWh, which is 21 percent. more than what occurred in May.
In June, the hydroelectric plants of Latvenergo AS produced 181 GWh of electricity, which, compared to the previous month, decreased by 57% due to the level of water flow. At the same time, the production capacity of the Latvenergo thermal power plants was increased and 92 GWh of electricity were produced. The increase in TEC production volumes was due not only to decreased HPP production capacity, but also to higher market demand.
Last month, the total share of electricity production and consumption in the Baltic countries was 2%. lower than in May – 53 percent. Lithuania produced 37 percent. The country needs electricity, Latvia – 64 percent, Estonia – 72 percent.
Rita Tamašunienė: it is the result of the inaction of the rulers
Rita Tamašunienė, a member of LLRA-KŠS, says that the drastic increase in electricity and gas prices could be controlled. “The rise in the price of electricity was predicted much earlier, it did not happen in a day. The government and Seimas have enough leverage in their hands to fully mitigate or manage this energy crisis, starting with negotiations with electricity providers and ending with a compensation mechanism. However, the current government has taken the easy route: to drop the entire burden of electricity prices on the shoulders of the population and cynically comment on the fact as if they could not do anything about it. Of course, this situation could have been foreseen more than ten years ago, when the same conservative government closed the Ignalina nuclear power plant without preparing any alternative means of generating electricity. It is even more regrettable that the government still does not have the means to become independent in terms of electricity generation. Summing up this situation, I assess it as a result of the inaction of the rulers, ”said former Interior Minister Rita Tamašunienė.
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