The daily average price of electricity in Estonia reached €463 per megawatt-hour on Monday and climbed even higher to €479 per megawatt-hour on Tuesday.

On Wednesday, however, the hourly price of electricity is slated to spike to €4,000 from 5-6 p.m., reaching the power exchange's cap.

The hourly price will also hover around €750 per megawatt-hour from 7-9 a.m., 3-5 p.m., and 6-9 p.m.

Electricity prices in Estonia will be cheapest from 9 a.m. through 3 p.m., bottoming out at €305.72 from 2-3 p.m.

Latvia and Lithuania will both likewise see their electricity prices peak at €4,000 from 5-6 p.m. on Wednesday, with both countries' average daily prices to exceed Estonia's at €823.98.

Estonia's previous record high average electricity price was set last Monday, when the daily average price reached €501 per megawatt-hour.

The previous hourly electricity price record of €1,000.07 per megawatt-hour was set on December 7, 2021.

*All times are noted in Central European Summer Time (CEST), one hour behind Estonian time, in accordance with Nord Pool's own data.

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