Electricity prices in Estonia spiking today ({{commentsTotal}})

Source: (Reuters/Scanpix)

Estonia is experiencing a temporary price spike in electricity prices today.

Nord Pool Spot, which runs the largest market for electrical energy in Europe, encompassing nine countries, noted on its website that the price of electricity in Estonia is 94.78 euros per Megawatt/hour today. The rate has averaged 33.11 euros/Mwh over the last five days.

According to Hando Sutter, a regional market manager for the Baltic states and Russia at Nord Pool, the reason for the one-day rise due to a confluence of three factors; increased consumption during the holidays, cold weather outside, and specific issues in the electricity market in Finland, where the price is also 94.78 euros/Mwh.

“There is a Finnish nuclear power plant off today, and several other power stations that are undergoing maintenance,” Sutter said to ERR News. “The Finnish market is much larger than the Estonian one, and with the innerconnectivity between the two markets, the prices there directly affect the ones here.”

The Estonian and Finnish electricity markets are connected primarily through the two Estlink submarine power cables, which run on the floor of the Gulf of Finland. Both cable suffered failures in September, which temporarily doubled the price of electricity in Estonia.

Eliis Vennik, a press officer for Eesti Energia, also noted that there is a power connection between Finland and Sweden is also not filled to capacity, which could be having an trickle-down effect over the region.

Latvia and Lithuania has also seen their electricity prices skyrocket today, with both countries paying 95.54 euros/Mwh.

“In a regional market, everything is connected to everything,” Vennik said.

Editor: S. Abel