No market manipulation was behind last Friday's soaring electricity prices, the main watchdog body in Estonia says.
The average daily price of a little under €891 per Megawatt-hour was posted last Friday on the NordPool exchange, while the hourly rate that day varied greatly, rising to €1,896 per Megawatt-hour between 7 p.m. and 8 p.m.
However, the Competition Authority (Konkurentsiamet) says this does not give cause to suspect the market manipulation of prices, citing instead a price anomaly resulting from the recent exceptionally cold weather.
This led to steeply rising consumption, thus the rule of supply and demand in play and leading to the sharp rise in prices on the NordPool. Elsewhere in the region a Finnish power station going off-line has been referred to as a factor.
The only time an hourly rate has exceeded the above level is the notorious incident in August 2022, when NordPool electricity prices topped out at €4,000 per Megawatt-hour, the maximum ceiling permissible at the time.
Editor: Andrew Whyte, Merili Nael
Source: 'Aktuaalne kaamera'