The Ministry of Economic Affairs is drafting changes to legislation that would rule out sudden electricity price spikes, such as the 104 euros per megawatt hour seen at the beginning of last week.
The under secretary for energy at the Ministry of Economic Affairs, Ando Leppiman, told Postimees today that there are three main problems that should be regulated, including the right for competition authorities to check up on grid operators, as the latter have the power to limit electricity transmission.
Leppiman said the other two sore points are electricity production facility repair jobs, which should be synchronized across the Baltics, and differences in the market rules of the three Baltic states, adding that the markets are currently dominated by giant monopolies that should be forced to enlist on stock markets.
At the end of June, electricity prices in the Baltic nations were twice that of Finland, and three times more expensive than in Norway.
One reason was that many power plants were shut down for repair at the same time, lowering output.
Latvian and Lithuanian facilities were also not working at full capacity, creating a gap that had to be filled by Eesti Energia, prompting the ministry to look into possible market violations by the other Baltic states.