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Price of electricity to jump 50 percent from Monday to Tuesday

Snow-encrusted power lines.
Snow-encrusted power lines. Source: Siim Lõvi /ERR

The average price of electricity will be a little under €150 per megawatt-hour in the Estonian price region of the Nord Pool exchange.

The average market price of electricity will be €148.55 per megawatt-hour in Estonia, up from Monday's price of €98.88/MWh. The average price of electricity was €75/MWh over the weekend.

One of the reasons for the Tuesday hike is a malfunction in reactor number two of the Loviisa Nuclear Power Plant in Finland, which has caused the reactor's power output to be reduced. Additionally, temperatures of 20 degrees below freezing have been forecast for northern and western Finland.

The price will be the same in Finland, Estonia, Latvia and Lithuania Tuesday.

In Estonia, power will be most expensive 9-10 a.m. (€275.59/MWh) and cheapest 5-6 a.m. (€77.59/MWh). The prices do not include VAT.

Finns forecasting even higher prices for Wednesday

Finnish public broadcaster Yle reports that power could cost as much as €500/MWh early on Wednesday morning when the effect of the malfunction at Loviisa will be compounded by the wind dying down, causing the output of wind farms to fall.

Temperatures should also be at their lowest in the wee hours of Wednesday.

However, prices are not forecast to reach levels seen during the first week of the year when it peaked at €1,900/MWh, with the daily average coming to €890 on January 5.

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Editor: Marko Tooming, Marcus Turovski

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