Price of electricity to drop below €5 Monday
While in recent weeks the price of electricity in the Estonian region of the Nord Pool exchange has been around one hundred euros per megawatt-hour, on Monday, the average price has fallen below five euros.
For most of Monday, the market electricity price in Estonia will be below €5 per megawatt-hour, and for four hours, it even falls below zero, meaning the price is negative. Only during two hours of the day, from 7 a.m. to 8 a.m. and from 8 p.m. to 9 p.m., is the price slightly higher, at €30 per megawatt-hour. The average price for the day in Estonia is €4.73 per megawatt-hour.
The electricity price in Estonia has been declining since Wednesday, when the Estlink 2 electricity connection between Estonia and Finland was restored. While the average daily price in Estonia on Tuesday was €155.5 per megawatt-hour, it dropped to €122.6 on Wednesday and €84.5 on Thursday. On Friday, the average price fell further to €65 per megawatt-hour. The downward trend continued over the weekend: on Saturday, the average price was €35.78 and on Sunday, it was €22.45 per megawatt-hour.
During the outage of Estlink 2, the price difference between Estonia and Finland was often significant, but in recent days, the gap has become much smaller. For instance, on Monday, the price in Finland is slightly lower at €1.42 per megawatt-hour, but the difference is minimal.
When comparing the past week, the price difference was still noticeable: the average price for stock exchange electricity in Estonia was €91.74 per megawatt-hour, while in Finland, it was €44.67. However, the gap was much larger the previous week: Estonia's average price was €115.75, whereas in Finland, it was only €6.6 per megawatt-hour.
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Editor: Marko Tooming, Marcus Turovski