The daily average electricity price on Thursday in Estonia will be €154.74 per MWh. On Wednesday it was €223.47 per MWh.

In both Latvia and Lithuania, Thursday's average price will be €234.09 per MWh.

The highest price on Thursday will be between 8 a.m. and 9 a.m., when electricity is set to cost €542.03 per MWh in Estonia. At the same time in Finland, the electricity price will be just €8.73 per MWh. The daily average tomorrow in Finland is €2.46 per MWh.

At 10 a.m. the price in Estonia will drop to €192.85 per MWh and then €85.07 per MWh at 11 a.m. At 3 p.m., it will begin to rise again to €193.97 per MWh, before falling to €114.40 per MWh at 6 p.m. At 7 in the evening, electricity will cost €85.18 per MWh in Estonia.

Konrad Hanschmidt, head of electricity consumption management Gridio, told ERR that the high electricity price is due to the fact that cheap electricity comes to Estonia and the Baltic region from Finland and Sweden during periods of high consumption. "At the moment, the Finland-Estonia cable is running at 30 percent lower capacity until December 13 due to maintenance, so there is not enough electricity coming from Finland to keep the price down," he said.

"The usual cheap electricity from Sweden is also not available because the price in Sweden has been driven up by the lack of wind in Germany, so electricity from Sweden and Denmark is going there," Hanschmidt added.

"In addition, there is production capacity in Latvia and also maintenance at Auvere in Estonia, so the price in the Baltics will probably be set by some of the more expensive power plants to cope with the shortage of cheap electricity," Hanschmidt said.

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