Marilin Tilkson, development manager of the regulatory division at the ECA, told ERR that the authority is launching an investigation, during which the problem will also be reviewed together with Latvian and Lithuanian counterparts, where electricity prices were comparable to those in Estonia.

Exchange data will be analyzed to determine who placed which bids and where this Wednesday's extraordinarily high electricity price came from.

The Authority anticipates completing its investigation within one month.

The ECA has already probed the causes of electricity price increases, most recently in December of last year when a megawatt-hour hiked to €1,000.

The Market Surveillance Regulation for wholesale markets is governing the evaluation of market manipulation suspicions and if confirmed, sanctions could be imposed on those responsible.

Between 6 p.m. and 7 p.m. on Wednesday, the electricity exchange price in Estonia, Latvia and Lithuania will reach a record high of €4,000 per megawatt-hour, and the average exchange price for the day will reach €682.05 per megawatt-hour.

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