Energy market overview May 2014

Forward prices of gas rose during the month. The pricing systems of Nord Pool Spot and the electricity exchange in Southwestern Europe were merged. Eesti Energia celebrated its 75th birthday with an anniversary exhibition and a book about oil shale. Latvia marked its first year on the open Nordic electricity market. The Lithuanian government reinforced its strategic position in the energy sector.

Forward prices were kept stable by weather forecasts that were borne out as well as by the market prices of emission quotas and coal. The melting of snow in Scandinavia dramatically raised levels in the reservoirs of hydroelectric power plants. The maintenance season for production plants and transmission cables pushed up exchange prices of electricity. Pricing on the exchange was also influenced by the productivity of wind turbines, which remained at low levels. Forward prices of gas were affected by the dollar, which strengthened against the euro.The price of crude oil remained stable.