In Latvia and Lithuania, Tuesday's average megawatt-hour price on the Nord Pool electricity exchange was €141.

The most expensive hour in Estonia and Finland was 12 noon, when the price per megawatt-hour rose to €401. Before noon, the price per megawatt-hour remained around €250.

The second reactor at Finland's Olkiluoto nuclear power plant is undergoing maintenance as of Friday, and a connection between the Finnish and Swedish electricity systems was severed on Saturday. At the same time, the average daily price in the cut-off region of Sweden is €24 per megawatt-hour on Tuesday.

In other Nord Pool price regions, the average daily price on Tuesday is lower than in Estonia and Finland, reaching €134 in Poland, €20 in northern Norway, and about €120 throughout the rest of Europe.

Olavi Miller, market analysis strategist at Eesti Energia, said that the high electricity price is linked to two major power outages in Finland and the price is likely to normalize early next week when the outages are repaired.

The connection between Finland and Sweden should be operational again from Wednesday this week.

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