Estonia's average electricity price to drop to €555 per MWh on Thursday

Overhead power lines crossing Väike Strait.
Overhead power lines crossing Väike Strait. Source: Elering

Following record-shattering average and peak hourly prices on Wednesday, the average price of electricity in Estonia is to decrease €555.18 per megawatt-hour on Thursday, peaking at €667.04 in the afternoon, according to Nord Pool's day ahead prices* for August 18.

Hourly prices per megawatt-hour will peak at €667.04 from 1-2 p.m. on Thursday, but likewise remain at €600 or above from 8-11 a.m., 12-3 p.m., 5-8 p.m. and 9-10 p.m.

Electricity will be cheapest at €220.01 from 11 p.m. through midnight.

To Estonia's north and south, Finland will see an average electricity price of €465.52, Latvia €562.03 and Lithuania €571.88 on Thursday.

Average day-ahead prices on the Nord Pool power exchange for Thursday, August 18, 2022. Source: Nord Pool

Record high €4,000 on Wednesday

Electricity prices in Nord Pool's Estonian price area reached record highs on Wednesday, with the average price for August 17 reaching €682.05 per megawatt-hour and the hourly price to peak at €4,000 per megawatt-hour from 5-6 p.m. (6-7 p.m. Estonian time), which is also the power exchange's cap.

Latvia and Lithuania will both likewise see their electricity prices peak at €4,000 at the same time on Wednesday, however both countries' average daily prices are exceeding 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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Editor: Aili Vahtla

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