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Dry Weather Reduced Water Levels in Reservoirs
Compared to May, prices rose in all of Northern Pool's commercial areas in June. Different price changes have been recorded in the Baltic States: in Lithuania and Latvia, electricity has increased on average by 17%. respectively at 51.05 EUR / MWh and 50.91 EUR / MWh respectively. In Estonia, prices have again increased by 24%. at 47.79 EUR / MWh. In the different countries, electricity prices vary from 4.34 EUR / MWh to 94.08 EUR / MWh in the countries
"The changes in electricity prices in our region have These weather conditions influence the water level in the hydroelectric reservoirs, and in Northern Europe, it is one of the main determinants of the prices, explains Martynas Giga, director of the independent electricity supplier Elektrum Lietuva
between the Baltic countries and the Scandinavian countries narrowed.Here, the average price was 45,33 EUR / MWh. Electricity in Lithuania and Latvia was close to EUR 6 / MWh and in Estonia – EUR 2.5 / MWh more expensive than in the Scandinavian countries.
Exchange rates become relevant for all businesses
Mr. Giga also recalls that since the following August, by changing the pro Guaranteed supply price calculation procedure, the prices on the North Pool Stock Exchange are significant even for companies that do not use the services of independent electricity suppliers.
1 day the price of electricity for all legal entities will change on a monthly basis – it will be calculated on the basis of prices formed on the stock exchange the previous month by adding 25%. look for a margin. In simple terms, the stock price will be multiplied by a factor of 1.25. This means that, for example, in July, the guaranteed price of electricity would reach 63,81 EUR / MWh (51,05 EUR / MWh x 1,25).
"We communicate with existing and potential customers and seek stability, which is important both in the choice of long-term partners and suppliers and in the pursuit of constant electricity prices. which allows for consistent and precise work and cost planning, and of course, in addition to the stable prices offered, the added value remains important, such as relevant consultations, market changes and advice on how to get there. adapt, "says Giga.
A hot summer, a weaker demand for electricity
The trends of this summer season have not been surpbaded by the Baltic countries – the consumption of electricity is still low. Electricity is low Compared to May, total demand in the countries decreased by 5% to 2 TWh.The most important change was registered in Estonia, where consumption decreased by 6.7% at 582 GWh, in Latvia – 4, 9% to 542 GWh and Lithuania – 4%. up to 923 GWh
Electricity production per month in the Baltic States decreased by 14.3%. up to 1.2 TWh. Electricity generation in Latvia decreased by 3.5% in Latvia. to 299 GWh, in Lithuania – 23.4%. at 205 GWh, while in Estonia this is only 1%. up to 684 GWh. However, Giga notes that in June, the volume of electricity production declined much less than in May, while the negative variation was even 33%
In the sixth month the three Baltic States co-produced 58%. they needed electricity and the missing electricity was imported from other North Pool countries. This indicator increased by 11.8%. at 858 GWh. In Lithuania, consumption exceeded 78%, Latvia 45% and Estonia 18%.
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