VILNIUS - Lithuania's average electricity market price dropped by 16 percent last week from a week earlier to 49.16 euros per megawatt-hour (MWh), the lowest level in the Baltic region, as demand for power shrank during the holiday period, Elektrum Lietuva said.
The average price in both Estonia and Latvia fell to 49.31 euros, down by 15 percent and 16 percent week-on-week, respectively.
The independent power supplier attributed the drop in prices to a sharp decrease in demand during the holiday week.
Electricity prices in the region were also driven down by increased hydro and wind power generation, as well as falling prices for natural gas, coal and crude oil, it said.
The Baltic countries' total power consumption decreased by 16 percent on December 24-30 week-on-week to 529 gigawatt-hours (GWh), falling by 17 percent to 164 GWh in Estonia, by 15 percent to 227 GWh in Lithuania, and by 14 percent to 138 GWh in Latvia.
Locally-generated electricity covered 49 percent of the region's needs. Estonia generated 74 percent of its electricity and Latvia produced 66 percent. Lithuania met 21 percent of its needs.