Siberian wholesale electricity prices rise 13.63% in one week
Wholesale electricity prices in Siberia rose 13.63% during September 14-20 to ₽1,736.86 per MWh, despite a 0.19% decline in consumption. The shift from hydropower toward more expensive thermal generation contributed to the pressure on industrial power costs.
Prices rise across all market zones
Wholesale electricity prices increased across all Russian price zones during September 14-20, with the sharpest movements recorded in Siberia and the Far East. Siberia's free-market price rose 13.63% over the week to ₽1,736.86 per MWh. The Far Eastern index increased 16.02% to ₽3,688.48 per MWh, while prices in European Russia and the Urals advanced by a more moderate 3.08% to ₽2,271.31 per MWh.
The weekly increase did not put every region above its level from the same period last year. Prices remained 12.7% lower year on year in Siberia and 1.2% lower in European Russia and the Urals. The Far East followed a different trajectory: its index was 44.6% higher than a year earlier. The comparison highlights a substantial regional divide in wholesale electricity costs, even after the latest rise in Siberia.
Generation mix outweighs weaker Siberian demand
Siberian electricity consumption declined 0.19% during the reporting period to 3.911 million MWh, showing that the price increase was not driven by stronger aggregate demand. Instead, the region's generation mix shifted away from hydropower. Hydroelectric plants accounted for 69.18% of Siberian generation, while the share of thermal power plants increased to 30.82%. Greater reliance on thermal generation can raise the marginal cost of electricity supplied to the wholesale market.
Demand trends were stronger elsewhere. Consumption in European Russia and the Urals increased 0.95% to 14.331 million MWh, while Far Eastern demand rose 1.95% to 796,553 MWh. Thermal plants supplied 67.81% of Far Eastern generation and hydropower accounted for 32.19%. In the first price zone, covering European Russia and the Urals, the nuclear share declined to 31.16%, while thermal generation rose to 60.41%.
Industrial users face regional cost divergence
Most Russian electricity is sold on the day-ahead market, where prices reflect the generation needed to meet expected consumption. Deviations from scheduled demand are traded in real time on the balancing market. Changes in the mix of available generating capacity can therefore affect wholesale prices even when total consumption is stable or falling, as the Siberian figures demonstrate.
The geography of the market has also changed. Since the beginning of 2025, the Komi Republic and Arkhangelsk region have joined the first price zone, while the Far East has entered the second zone. Siberian and Far Eastern results continue to be calculated separately because their interconnected power systems belong to different synchronous zones.
Capacity costs remain a concern
The weekly price increase comes as generators and industrial consumers debate the future cost of capacity. On July 9, generating companies were reported to have proposed replacing official inflation in the indexation formula for competitive capacity selection prices with an industry price-pressure index. They argued that repair and equipment expenses had increased. Industrial consumers opposed the proposal and estimated that it could add about ₽135 billion to market costs.
At company level, En+ Group increased electricity generation by 5.1% in the first half of 2026 to 41.1 billion kWh. Hydropower output rose 8.2%, while thermal generation declined 3.1%. Its energy segment generated $2.89 billion in revenue, and adjusted EBITDA increased 35.5%. For industrial buyers, however, the latest market data show that regional generation conditions can still produce sharp short-term changes in electricity expenditure.
