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Wednesday 24.04.2019 | Name days: Nameda, Visvaldis, Ritvaldis

Enefit: Latvia’s and Estonia’s agreement will help reduce prices for consumers

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEstonia’s and Latvian electrical energy transmission operators have agreed to significantly increase volumes of energy available for cross-border trading. This will allow electrical energy traders to estimate energy supply costs from Estonia and Scandinavia more effectively. For Latvian consumers this will mean better deals.

Provisional documents for electricity supply auction rules in 2016 published by Estonian Elering and Latvian Augstsprieguma tīkls state that the available power volume will be increased from 200 to 300 MW. Power volumes for quarterly and monthly period will remain the same.

The volume of available electrical energy is not the only factor that will be considered during auction procurements of electrical energy. Auction time is also an important factor. Last year, the auction took place in the middle of November. Now it is possible to hold the auction on 14 October. Changes are also welcomed by Enefit CEO Janis Bethers, who adds that the choice of time for the auction means a lot for effectively planning future work: «Timely realization of auctions and increase of available energy to sell is a major accomplishment for traders and Latvian consumers. Auctions in Latvia’s and Lithuania’s price region serve as finance risk instrument. In a long-term perspective, the main finance risk instrument should be future financial contract deals. Meanwhile, however, these products are not profitable in the Baltic region.»

The current solution for transmission volume capacity allows traders to fixate costs for specific volumes of energy within a monthly, quarterly or annual perspective. This lets traders control risks related to cost fluctuations with cross-border supply of electrical energy between Latvia and Estonia. Historically speaking, electrical energy supply costs have always been unstable. Traders’ inability to fixate them has since limited their ability to offer fixed-price contracts, which has negatively affected competition activity in Latvia.

«Transmission operators of both countries have been able to sort out most of problematic matters since 2013. They have also taken into account the interest expressed by traders in regard to the increase of auctioned volumes of energy. I believe there is a good reason to continue working to make sure all volumes available in cross-border transmission will also be available for free auctioning thereby allowing traders to expand their offers for Latvian consumers,» – says Bethers.

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