Electricity over 50 percent more expensive in August than July

Lamps. Source: Siim Lõvi/ERR

While July electricity prices in Estonia broke records set last December, the average price of electricity in August soared more than 50 percent higher than that.

This August, electricity in the Estonian price area of the Nord Pool exchange cost an average of €361 per megawatt-hour.

Last month, the average reached €233 per megawatt-hour, which at the time already broke the record set in December 2021.

Electricity was most expensive on August 17, when the daily average reached €682.05 per megawatt-hour, setting a new all-time high Estonian record.

That day, the hourly price also peaked at €4,000 per megawatt-hour, the power exchange's cap, which likewise smashed a record hourly price of just over €1,000 set last December.

The average price of electricity in Finland this month was €261 per megawatt-hour. To Estonia's south, the price of electricity in August averaged €468 in Latvia and €480 in Lithuania.

Last August, electricity in Estonia averaged €87 per megawatt-hour for the month; in August 2020, the average stood at €41.

Month closes out at €334

The average price of electricity in Estonia will drop somewhat to €333.55 per megawatt-hour on Wednesday, but hourly rates will range widely, from €22.85 to more than €700, according to Nord Pool's day-ahead prices for August 31.


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Editor: Aili Vahtla

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