The new price on Friday will be €95.82 per MWh, a fall of 39.6 percent, over 24 hours, BNS reports.

Thursday's price had been €158.62 per MWh.

Record electricity prices have been set, only to be broken again, several times this autumn, with €178.4 per MWh, posted for October 7, being the peak so far.

This represented a 67.3 percent rise on the previous day, BNS reports, and outstrips the previous all-time record of €160.36 per MWh, set just three weeks ago, on September 15.

Prior to 2021, the daily average highest price had stood at €124.77 per MWh.

Friday's Nordpool price is identical across all three Baltic States, whereas they had been even higher in Latvia and Lithuania, on October 7.

The soaring prices have prompted the government to tackle the issue as heating season approaches, and exacerbated by record natural gas prices and fuel prices in recent times, with lowering VAT adjudged to be too complex and time-consuming. Instead, the government will cut electricity prices to the lowest-income householders through October to next March, and will compensate suppliers for the cut, to the tune of €75 million.

This will be funded largely from the over €200 expected in state coffers by year-end earned via CO2 quota allowance trading.

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