Electricity price to fall further on Monday
Electricity prices continue to fall from their recent high and on Monday, the Nord Pool market is set to see an average price of €214.78 per Megawatt-hour.
The highest price Monday, €303.36 per MWh, will hit between 10.00 a.m. and 11.00 a.m. on Monday, and will exceed €250 per MWh between 7.00 a.m. and 8.00 a.m., when it will be immediately followed by a drop to €136, ERR reports.
As noted the overall average for Monday will be €214.78.
This compares with a recent, all-time record high of €469.03 per MWh on December 7, with a peak just exceeding the €1,000 per Mwh-mark briefly the same morning.
That price level followed a succession of record-breaking values going back to late summer, though since December 7, average daily prices had dipped back below the €300-per-MWh mark.
November's price per MWh overall stood at €116.78, early three times the figure for November 2020 (€40.99)
Prior to 2021, the highest-ever electrricity price in Estonia was posted on July 20 2014, at €124.77 per MWh.
December 2021's record was, again, close to three times this figure.
The factors between the record cost of electricity – a phenomenon affecting the whole of Europe and matched by soaring natural gas and vehicle fuel prices – are complex, but include high demand, recent low temperatures, and the effects of green policies on energy prices.
The government has issued two support packages in response; one provides a 50 percent rebate to energy providers, the other, support for low income families – itself recently widened greatly in its scope to getting on for half the population of the country, with the threshold household income (€1,025) currently set somewhat lower than the median national wage (around €1,200) – in other words households with an income below €1,000 per month will qualify.
Other questions include the viability of importing more electricity from Russia and Belarus – a practice long out of favor due to the deteriorating geo-political situation, but also bereft of EU CO2 quota charges and thus available at a much cheaper price.
Work has been ongoing to decouple the electricity grid in all three Baltic States and synchronize it with that of "continental" Europe, though that has not yet been completed, and is scheduled to do so in 2025.
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Editor: Andrew Whyte