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The average price of electricity in bidding area Estonia of the Nordic energy exchange Nord Pool Spot (NPS) dropped in January 4 percent from December to 41.77 euros per megawatt-hour.
Avg electricity price in Estonia drops 4 pct in January
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The overall price in the NPS system likewise came down 4 percent, to 41.39 euros, the Estonian transmission network operator Elering said. The price fell regardless of the decline to the median level in hydroelectric energy production which was compensated for by lower consumption in comparison with December.
Like in the previous month, a large shortage of transmission capacities between price areas did not occur in January and the difference between average prices in Nordic countries was less than one euro.
In the ELE area reflecting the price in cross-border trading between Estonia and Latvia the price of electricity averaged 43.03 euros per MWh and in Lithuania 43.87 euros per MWh in the first month of the year, slightly less than in December. In Finland the average price fell 11 percent to 41.59 euros per MWh.
In January electricity flowed from Estonia to Finland for 361 hours and from Finland to Estonia for 348 hours via the undersea cable Estlink. In volume terms 79 gigawatt-hours of electricity moved in the direction of Finland and 77 GWh in the opposite direction.
In trade between NPS Estonia and NPS ELE an average 52 percent of the transmission capacity was used in January and a shortage of capacity was recorded for 110 hours the main reason for which was a decrease in electricity production in Lithuania due to more advantageous imports from both Nordic countries and Russia.
Basing on futures, the NPS system price will be 35.10 euros per MWh in the second quarter of this year and 35.65 euros in 2014. In bidding area Estonia the price will average 36.50 euros and 39.55 euros per MWh, respectively.