OREANDA-NEWS. August 19, 2009. Generating companies estimate a potential spike in prices on the Siberian wholesale electricity market in August in the range of 10-12%, spokesperson of the Market Council said, the press-centre of FINAM reported.

Gencos held a meeting on to address the situation in the Siberian energy zone which has shaped up after a major accident at the Sayano-Shushenksya GES in the Republic of Khakassia and resulted in at least 12 deaths and damaged 4.4 MW of capacity. “According to people in attendance at the meeting, the average price in Siberia will rise no more than 10-12% in August due to objective electricity generation expenses.

In addition, it will remain much lower than in the same period in 2008”, a spokesperson of the Market Council said. Experts projected a spike in electricity prices for the next day, since more expensive coal-fired facilities were used to cover the power shortage on the market. RF Energy Minister Sergey Shmatko said the day before that prices could climb 5-7%. He promised to intervene if orders are in appropriately priced.

According to the Market Council, the average next-day price on the deregulated electricity markets amounted to RUB 422.53 per MWh on August 17, spiked to RUB 433.56 on August 18 and to RUB 538.49 on August 19.