Electricity costs close to €420 per MWh Wednesday

Power transmission line.
Power transmission line. Source: Siim Lõvi/ERR

Electricity will average €418.88 per Megawatt-hour in price on Wednesday, August 24.

The return on-line of power stations which were shut down for summer maintenance last week has not yet impacted on prices, which remain high – state generator Eesti Energia has blamed a shortage of supply for the recent peaks, including one hour last week when electricity cost €4,000 per Megawatt-hour, the highest level currently permissible under European Commission rules.

The most expensive periods come between 9 a.m. and midday, when the price will range from €562 to €574 per MWh, and it will exceed the €500-per-MWh mark for much of the afternoon, and again at 9 p.m. to 10 p.m., according to the Nord Pool exchange (NB prices exclude VAT).

The cheapest prices have already passed at the time of writing; between 2 a.m. and 5 a.m. electricity prices dipped below the €200-per-MWh mark, while the last hour of the day, 11 p.m. to midnight, is another, relatively speaking, cheap period, when electricity will cost €255.33 per MWh.

The average daily price on August 24 last year was just over €106 per MWh.

Eesti Energia says that the high price is the result of a shortage of supply at a time of high demand, spokesperson Mattias Kaiv told ERR, with energy generated by renewables not in sufficient quantities to boost supply either.

The return on-line of several power blocks which were off-line last week does not seem to have had an effect on daily prices yet, ERR reports, with Tuesday's price nearly reaching €500 per MWh.

Eesti Energia is to start more maintenance late on this week and in the coming weeks, in preparation for the autumn-winter heating period and short days.

The power stations which were under maintenance were the Baltic power station 11th block and the Estonia power station's fourth, fifth and sixth blocks, as well as the Auvere power plant.

In Finland and Sweden, from where Estonia imports electricity, some nuclear power stations are also off-line through to early September.


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Editor: Andrew Whyte

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