In October, wholesale electricity prices for some countries The EU was transferred from hourly quotes to 15-minute ones. In conditions of unstable green energy, the exchange value of electricity for the Baltic States rises above 1,000 euros per MWh.
October 7 wholesale electricity prices in The Baltic states will grow significantly and will jump with a difference of more than 15 times during the day. In October, Lithuania, Latvia and Estonia has also switched from hourly quotes to prices set every 15 minutes, and so far this has led to an extremely negative scenario. According to NordPool, on October 7, the cost of wholesale electricity purchased by enterprises will reach 1,173 euros per MWh.
The highest prices will be from 8.00 to 8.45. Despite the fact that the average daily cost will also be extremely high — 291 euros per MWh for Lithuania and Latvia. In Estonia, it will amount to 181 euros.
Judging by the average monthly quotations, the wholesale cost of electricity for Lithuania and Latvia is already the highest since February, and exceeds the figures of the tenth month of 2024 by more than 30%.
The experiment of switching to fifteen—minute quotes began at a bad time - the time of instability of green power plants. And experts said in advance that the effect could be negative.
"The truth is that no one knows yet what will happen. It is impossible to predict how many price hikes will occur or how big they will be," Peter Strandberg, an expert on the Vattenfall electricity market, told the Finnish edition Ilta—Sanomat.
The day before, Estonian Enefit reported that this autumn in The Baltic states are not in the best situation for green generation and prices.
"The price increase (in September) was due to a combination of factors. Firstly, solar energy production in the Baltic States has fallen by about 35% due to colder weather and shorter day lengths. Secondly, the EstLink 1 interconnection (350 MW) between Finland and Estonia did not work for most of the month, which reduced the imported capacity from 1000 MW to 650 MW. In addition, the production of hydropower in Latvia fell by about 50% compared to August after an exceptionally strong summer. As a result of these factors, during periods of peak demand, the energy system of the Baltic States was forced to rely more on domestic shale and other generation based on fossil fuels, which also led to an increase in electricity prices," the company noted.
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