Record electricity prices due to high demand, not specific to Estonia
The current record-breaking tariffs for electricity are in no way specific to Estonia, state-owned company Eesti Energia has said. Prices are at a very high level across Europe due to increased demand caused by cold weather.
Eesti Energia spokesman Priit Luts told BNS on Monday: "The Nordic countries are experiencing crispy subzero temperatures, and in the north of Central Europe temperature fluctuates between zero and a couple of degrees above. Nord Pool data reveals that consumption is currently up to 10 percent higher than last year, depending on the region."
Luts said Eesti Energia currently provides about 1,000 megawatts of capacity from the Narva thermal power plants to the market, while wind power plants, providing approximately 150 megawatts, and cogeneration plants also generate electricity in Estonia.
Figures from system operator Elering show that Estonia's electricity consumption totaled more than 1,400 megawatt-hours before noon on Monday.
"The only long-term remedy for high electricity prices is the faster market entry of new renewable energy production capacities throughout the region," Luts said.
The price of electricity in Nord Pool (NP) bidding area Estonia (EE) for Monday rose by 40.3 percent compared to Sunday to €263.96 per megawatt-hour, which is the highest exchange tariff for electricity ever registered in Estonia and marks a new record for the second day in a row.
The price for Sunday, €188.09 and a new all-time high at the time, was higher by 7.4 percent than the price for Saturday.
The price of electricity has set several records this fall, with the previous record before Saturday set on Oct. 7, when the price hit €178.4 per megawatt-hour.
The average price of electricity in October was €105.61, 2.8 times more than a year earlier, when the average monthly exchange tariff was €37.62.
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Editor: Helen Wright