"The strategy is intended to address the design of the entire electricity market. In March, the commission will release amendments. We are discussing peak prices, such as when consumption cannot be met by generation. Currently, we are asking countries about the feasibility of special contracts with operators, proactive agreements, so that they refrain from consumption and the higher bidder does not include a pricing component," Simson said.

"This is what moving the top five percent of consumption is all about - either dispersing or offsetting it. There are companies in Estonia that can do this as well," she added.

To make this shift a reality, an auction system would need to be developed, which is currently lacking. "The deadline is the end of February. The scheme in action must be reported to the commission," she continued.

Simson, however, said that Nord Pool is beneficial in the long run because it promotes efficiency: "The unit that offers the best price always comes to the market, but if some capacity is out of service, under repair, then our region sees its highest price peak, as during this summer."

In response to a question about whether ordinary consumers could be included in the stock exchange so that they, too, could forego or delay consumption, Simson said that Estonia would likely be the first country to be able to implement such a system based on how the market functions in different price ranges. "There must be significant digitization. Even smart meter reading is not available in some European countries," she said.

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