A new electricity average price record per megawatt-hour was set in July and Nõu said it should be recognized that this is a new reality. The previous record was €202 which was set in December 2021, last month the price rose to €233.

"Honestly and without embellishment: if nothing fundamentally changes on the market and it continues as it is, then every month we will start to see new records. In August, there will probably be a new average monthly record, and then September, October, November. Winter prices will probably be more than €400 per megawatt-hour, maybe significantly more," he said speaking on radio show "Uudis+".

He said consumers should be braced for high prices.

"During the winter period, over €400 per megawatt-hour is currently the base scenario. When the consumer has to add VAT to this, then it is already €500 per megawatt-hour. This is more than twice as much as last year's coldest and ugliest month, December, where the average was €202 euros on the stock exchange plus VAT," he said.

Näu said, even now, when the day's lowest price no longer seems cheap, it is reasonable to plan to use home appliances during these hours.

Prices for the first days of August already show the July record is likely to be beaten. Each day the average price has been over €370 per megawatt-hour.

A comparison of prices for July 2021 and 2022 can be seen below. The data is published by Nordpool.

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