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Monday 23.07.2018 | Name days: Magda, Magone, Mērija
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Clients who chose variable prices for electricity to pay 6% less this week

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThis January, 6,000 Latvenergo clients who chose variable price service packages following the opening of the electricity market will receive bills that are approximately 6% lower than usual.

This confirms the trend that it is beneficial to buy electricity at variable prices in the first month following the opening of the electricity market. However, this does not guarantee the same prices in following months, as noted by Latvenergo.

The total size of the payment for electricity is formed by: price of electrical energy (one-third), the pay for supply of electrical energy, compulsory purchase components and VAT.

This January, a 20% decline of electricity prices was noted. This is why clients who signed contracts for variable price offers can save approximately 6% compared to clients with fixed price contracts. The decline of prices in wholesale trade was caused by electricity import opportunities from Scandinavia.

Wholesale prices are set by electricity production and supply opportunities in the region. The situation is constantly changing.

«We have noticed that under conditions of a free market clients use our provided information regarding development on the market. They then select the best offer available specifically for their household. If the client chooses a variable price, it is important to know the advantages and differences of variable and fixed prices. Fixed prices offer safety and predictability of costs over a long period of time. Products with variable prices provide variable prices every month – there will be moments when clients pay less than what they would have paid at fixed prices. But it can be the opposite – when variable prices exceed fixed prices,» – comments Latvenergo CEO Uldis Bariss.

Cross section of variable prices over the course of a year provides a look at price changes in Nord Pool in previous years. Looking at price changes over one week’s time it can be seen that the difference can reach even 50%.

A look into clients’ habits allows for the conclusion that the majority of Latvian households prefers safety and stability in a long-term perspective and do not like to risk. This is why they would rather choose fixed price offers. This is confirmed by a recent SKDS survey. Respondents in this survey admitted that they are well-informed about different opportunities to buy electricity from different traders, but they choose the trader they are used to.

Latvenergo is the largest electricity trader in Baltic States. In nine months of 2014, Latvenergo had sold a total of 6,477 GWh of electricity to clients in Baltic States.

Ref: 102.109.109.7486


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