Baltic, Energy, Energy Market

Prices averaged 40.16 euros per megawatt-hour (MWh) in Nord Pool's Lithuanian and Latvian bidding areas and 36.3 euros in the Estonian area on August 3-9. The average price across the power exchange surged by 35.5% to 2.25 euros, the independent electricity supplier said in a press release.   

"The price growth in the Baltic states was due mainly to lower energy flows from Finland and Sweden, but increased flows from Belarus and Kaliningrad," said Arturas Zatulinas, the head of the Business Sales Unit at Elektrum Lietuva.

"Prices in the Nordic countries were last week mostly affected by the drier-than-usual weather that led to a reduction in the hydro balance in the region," he said. 

A 39 percent decline in the Nord Pool region's overall wind power production was another factor that drove electricity prices higher," Zatulinas added. 

The Baltic countries' total electricity production rose by 18% w-o-w to 295 gigawatt-hours (GWh), covering 62% of the region's needs. 

The three countries' overall power consumption increased by 3% to 479 GWh.