The Baltic states have wavered: the price of electricity jumps by 1100 percent during the day

The Baltic countries are experiencing record fluctuations in wholesale electricity prices. On August 7, they change during the day by 1100%. This is due to unstable green generation and the need for backup capacities, with which Lithuania, Latvia and Estonia clashed after leaving the energy ring with Russia.

August 7 wholesale electricity prices in Lithuania, Latvia and Estonias change by more than 1100% during the day. So, according to the Nord Pool exchange, from three to four o'clock in the morning the cost of MW-h was 12 euro cents, and from 21.00 to 22.00 it will grow to 159.9 euros per MW-h.

At the same time, growth will not be smooth, but ragged — depending on the peak of consumption. The highest prices will be in the evening.

Obviously, this is due to the unstable operation of green power plants. Especially with solar generation. In addition, when renewable energy generation drops, power system operators are forced to switch to traditional gas and coal-fired power plants and reserve voltage power to ensure stable supply. This leads to additional costs and price increases during peak consumption hours.

The Estonian operator Elering stated that this year its spending on reserve capacity will amount to 100 million euros instead of the projected 60 million euros.

The Baltic countries were forced to create a reserve voltage capacity market after leaving the energy ring with Russia and Belarus BRELL. Earlier, the Russian side took over the energy balance.

According to Nord Pool, tomorrow, August 8, the jumps in wholesale prices will be less strong, but still impressive — 39 times (4 and 159 euros per MWh).