Cheaper than in March and last year – the average price of electricity in April decreased by 9%

The average price of electricity in April this year in the Latvian trading area was 60.25 euros per megawatt hour (MWh), which is 12% less than in March and 9% less than in April 2023, according to the electricity data prepared by the Latvian transmission system operator AS “Augstsprieguma tīkls” market review.

In Lithuania, the electricity price level in April was identical to Latvia, but in Estonia, the monthly average price was slightly higher – 60.39 euros per MWh.

The decline in electricity prices has been facilitated by high development of solar, wind and hydropower plants, as well as warmer weather, which contributed to the reduction in electricity consumption. In the first weeks of the month, a negative electricity price was also observed in the Baltic and Nordic countries due to the forecast of large solar, wind and hydro generation.

The review said that the interconnected electricity trading areas of the Baltic States showed different trends in April in relation to the average electricity price, including in Finland, the price decreased by 18% compared to the previous month and by 19.2% compared to April last year, and was 48.92 euros per MWh. In Sweden’s fourth district, the price of electricity was 53.79 euros per MWh, which is 4% less than in March and 17.4% less than in April 2023. In Poland, on the other hand, the price of electricity was 80.87 euros per MWh, which is 7% more than in March and 33.8% less than in April 2023.

In April, compared to March, the import of electricity to the Baltic States decreased by 2.5%, but compared to April 2023, the import increased by 1.9%. Imports from Poland increased by 1.3% compared to March and 11 times compared to April 2023. Imports from Finland in April were 19.1% higher than in March and 45.7% lower than in April 2023. Imports from Sweden’s fourth price zone in April were 12.7% lower than in March, but 25.7% higher than a year earlier.