Competition Authority finished evaluation of record high electricity price

Lighting (picture is illustrative).
Lighting (picture is illustrative). Source: Siim Lõvi /ERR

The Competition Authority, which was investigating the causes of the record hike in electricity rates in August, has completed its investigation and is now in the process of validating the results, which will be published latest on Wednesday.

The average price of electricity in the Estonian price area increased to €682 per megawatt-hour on August 17 and peaked at €4,000 per megawatt-hour.

The Competition Authority then initiated an investigation into what caused this anomaly.

Eike Kingsepp, the agency's communications person, told ERR that the results would be available in the near future.

"The evaluation is almost complete, last checks will be conducted today and tomorrow, and the results will be presented midweek," she said.

Earlier, Evelin Parn-Lee, the director general of the Estonian Competition Authority, said that there was probably no market manipulation in the conventional sense; nonetheless, it was hypothesized that the anomaly was produced by the product supply that was not fit for the Baltic market.

Initially, the competition authority planned to conclude the research in one month. However, the agency has also acknowledged that the problem is widespread and needs to be dealt with in partnership with Latvia and Lithuania, whose electricity prices have also reached record highs.

The Competition Authority has already investigated the background to electricity price hikes in the past. The last time it was December last year, when the price of a megawatt-hour hiked to €1000.

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Editor: Kristina Kersa

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