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.
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.
Editor: Aili Vahtla