Electricity prices to reach record levels again on Tuesday

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Electricity pylon.
Electricity pylon. Source: Siim Lõvi/ERR

Electricity prices rose to a new record high on Tuesday, beating the previous record set on Monday. The price rose by 4.9 percent to €141.6.

Before Monday's record high, the previous record was set the previous Wednesday (September 8). Today's price was 6.1 percent higher than Wednesday's record.

Before that, the record price was set in 2014, reported ETV's current affairs show "Aktuaalne kaamera" on Monday evening.

The record prices are being influenced by a lack of wind and hydropower and the rising price of fossil fuels. There are also some temporary disconnections.

Marko Allikson, member of the management board of Baltic Energy Partners, said new records may continue to be set.

"Today, the slightly cheaper area is Poland, where electricity is mainly produced from coal-fired power stations and Poland's connection with Lithuania is closed until the end of the week," he said.

"In addition, the work on Estlink 2 in Espoo is limited today, tomorrow, and the day after tomorrow, and if all energy prices are high and electricity does not come in from cheaper areas, we will find such a price level and it is not ruled out that these records will be even higher this week."

New record expected Wednesday

The price of electricity in the Estonian price area of the Nord Pool power exchange will rise to an average of €160.36 per megawatt-hour on Wednesday. A year ago, electricity cost €94 euros less at the same time.

The price will be the highest on Wednesday in the morning and evening, at 9 a.m. electricity will cost €192.11 per megawatt-hour, at 7 p.m. it will rise to €192.86 per megawatt-hour. 

After midnight, the price will drop again to €90.05.

Editor's note: This article was updated to add information about Wednesday (September 14).


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Editor: Helen Wright

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