Electricity price falls below €350 per MWh on average Tuesday

Electricity pylons (photo is illustrative).
Electricity pylons (photo is illustrative). Source: ERR

The price of electricity on the Nord Pool trading market for Estonia will fall to €345.69 per Megawatt-hour as an average Tuesday, down from the €415.65 per Megawatt-hour posted Monday – the highest level in 2022 so far.

By hour, electricity is above the €400-per-MWh mark at the time of writing through to 10.00 a.m. and, after an hour's respite, rises above that benchmark again for two hours from 11.00 a.m. to 1.00 p.m. on Tuesday.

The priciest hour in which to use electricity does not come until 8.00 p.m. to 9.00 p.m., however, when the price will have risen to €479.82 per MWh.

More information is here.

The price will not drop below the €300-per-MWh mark at all for the remainder of Tuesday, save the last hour of the day, i.e. 11.00 p.m. to midnight when it will cost €260.76.

The price of electricity in Finland, Latvia and Lithuania are at the same level Tuesday, slightly cheaper at €360.17 per MWh in all three countries as an average.

The reasons given for the high prices in the region, which come well outside of the heating season, is production deficit in Finland, a nuclear power station under maintenance in that country, consumption far exceeding production in Latvia and Lithuania, and a dearth of wind-generated power.

The long evenings mean less electricity is used for lighting, however, and virtually none for heating.

Hourly rates on Monday reached as high a level as €550 per MWh, while the overall price of €416.65 was the highest posted since December 2021.

Soaring energy prices during the heating season (October to March inclusive) are a major issue facing the Reform/SDE/Isamaa coalition-in-waiting and strategies for dealing with the matter was one of the most drawn-out aspects of the negotiations which culminated in the deal struck last Friday.


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Editor: Andrew Whyte

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