Electricity in Estonia soars to up to €550 per megawatt-hour Monday

Electricity transmission line.
Electricity transmission line. Source: Siim Lõvi /ERR

Spiking as high as €550, the average price of electricity in the Estonian price area of the Nord Pool exchange on Monday, July 11 is at a record high of €415.65 per megawatt-hour. The last time electricity was this expensive in Estonia was last December.

Monday's hourly electricity rates peaked at exactly €550 per megawatt-hour between 9-10 a.m., spiking to €549.90 again between 11 a.m. and noon.

Later in the afternoon, the price will go back up to €549.91 per megawatt-hour between 4-5 p.m. and €549.99 an hour later.

The average price for July 11 stands at €415.65 per megawatt-hour, setting a new record daily average for 2022 and falling just short of Estonia's all-time record of €469 per megawatt-hour, set last December 7. That morning, the price of electricity even briefly skyrocketed to more than €1,000 per megawatt-hour.

The lowest hourly price in Estonia on Monday was €234.08 per megawatt-hour between 4-5 a.m.

Monday's average electricity price is the same in Finland, Latvia and Lithuania as well. The average price in two of Sweden's four price areas on Monday, meanwhile, is just €7.45.

The highest daily average price of electricity in Estonia stood at €264 in June, and, until Monday, €288 thus far in July.

Nord Pool day-ahead electricity prices for the Estonian price area last July 11 (left) and Monday, July 11, 2022. Source: ERR News/Nord Pool

Prices to fall somewhat Tuesday

The average price of electricity in Estonia is to fall to €345.69 per megawatt-hour on Tuesday, according to Nord Pool's day-ahead prices for July 12, with a low of €153.14 between 3-4 a.m. and a peak of €479.82 between 7-8 p.m.

The daily average price in Finland will likewise be €345.69 per megawatt-hour on Tuesday.

Latvia and Lithuania, meanwhile, will both to see a slightly higher average of €360.17 per megawatt-hour.


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Editor: Aili Vahtla

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