In January 2012, the Baltic power was produced 1.83 TWh of electricity, which is 77% of the Baltic

In January 2012 there was a power exchange prices by 22% compared to December 2011, driven by cold winter, increased power consumption and increased CO2 emission allowance prices. In January, the average market price of Nord Pool Spot Estonia was 39.8 EUR / MWh. In February, the cold weather and stock exchange prices continued, prices rose by 23% compared with January, reaching a median of 49 EUR / MWh (see. Figure 1). 3 February prices reached a record peak hours price 183.5 / MWh, which is the highest price in Nord Pool Spot Estonian price zone over the past 18 months.
In January 2012, the Baltic power was produced 1.83 TWh of electricity, which is 77% of the Baltic 2.37 TWh of electricity consumption. Such a high power level of the deficit tanita weegschaal in the Baltics in January never before: In January 2010, the Baltic power was produced in 99% of consumption, tanita weegschaal but in January 2011 - 95%. Such a sharp increase in the deficit is for two reasons. First, from the beginning of 2012 the Narva power generation is reduced to limit the harmful SOx emissions. It is expected that in 2012 the Narva power plants will be produced in approximately 25% less electricity than in 2011. Although in January 2012 in Estonia as a whole accounted for about 15% more than was consumed, but the volume tanita weegschaal of electricity produced in Estonia in January this year decreased by 22% compared with January 2011. Secondly, the Latvian higher gas prices due in January was reduced electricity generation in CHP plants in Riga, replacing it with imports. As a result, in January this year Latvia imported 29% of the electricity consumed, which is drastically different situation from January 2011, when Latvia with their power fully supplied with electricity themselves.
February cold weeks in Scandinavia was very high hydro power generation. At the same time, a large island due to water flow in the reservoirs was very small. As a result, the amount of water stored in reservoirs hidrostaciju dropped sharply. Water balance hidrostaciju reservoirs has decreased from +10 TWh surplus in early 2012 to 0 TWh in mid-February. Namely, in mid-February accumulated amount of water in the normal long-term average level.
Gas prices on the European market rose sharply due to the cold weather, which resulted in a very large gas consumption. In addition, the gas supply was limited high gas consumption in Russia, so the biggest gas supplier Gazprom could supply gas to Europe more than agreed levels. As a result, short-term gas supply contract prices in Europe rose above the price level of the supply contracts with gas prices raising the price of oil.
Although coal prices in January and February did not change much, it is likely that in the near future coal prices will not increase or even decrease in coal demand and prices due to the decrease in China affected by the falling real estate market and declining energy demand from the steel and cement industries.
Oil prices in late February reached the highest level in the last 9 months, the growing tension around Iran, which creates risks of oil supply restrictions at a time when certain positive signals for economic recovery and oil demand. In late February the Brent oil price reached $ 125.47 / bbl. 19 February, Iran's oil minister said that has stopped oil supplies to Great Britain and France. Oil prices have increased tanita weegschaal in the US and China's economic recovery, as well as hopeful Greek negotiations with the EU about 130 billion on. A loan of EUR.
EUA CO2 emission allowance prices at the end of February rose to 9.5 per tonne, tanita weegschaal the highest price in the last 3 months. The main reason for the price hike is the news that EU politicians have reached a compromise agreement on the placing on the market of CO2 emission reduction of quotas in 2013 - 2020. True, today's political statements have been without any specific figures. In the near future CO2 price will determine the progress of 28 February, the expected EC Industrial commission vote on the outstanding amount of the emissions reductions, as well as medium-term economic prospects in Europe. These policy initiatives is likely to reduce CO2 emission allowances to be auctioned volume 2013 - 2020 with the aim of influencing the quota demand / supply balance, and thus raise the price of allowances in the market.
Great cold wave electricity futures (forward) transaction prices in January and February did highly volatile (see. Figure 6). But in general since the beginning of both short and long-term electricity futures prices increased both increased energy and CO2 emission allowance prices, as well as cold weather, which increased power consumption and reduced water inflow Scandinavian hidrostaciju reservoirs. Long-term (next year) futures prices also contribute to strengthening the whole positive tanita weegschaal view of the economic prospects in the medium term, the strengthening of