Estonia's electricity prices remained high in 2024, dipped only a little
The average annual price for the Estonian price zone of the Nord Pool electricity exchange in 2024 stood at €87.27 per megawatt-hour, a few euros lower than the average for 2023.
However, the figure is still significantly higher than the price level before the start of the period of soaring energy prices, from the second half of 2021.
While practically the same as average prices in Latvia and Lithuania, Finland, Sweden and Norway, and to a lesser extent Denmark, enjoyed notably lower average electricity prices on the Nordpool exchange than did the Baltic states.
In 2023, the average Nordpool price for Estonia was €90.79 per MWh compared with 2022's all-time record of €192.82 per MWh.
In 2021, the electricity exchange price soared compared with previous years, to an annual average price of €86.73.
In 2020, however, the annual average price in the Estonian price area had been €33.69 per MWh.
As for monthly variations, perhaps even more useful for comparison's sake, January 2024 was the month with the highest average, at €126.5 per MWh.
The claim was that these price rises were driven by unexpectedly cold weather, a lack of wind to power turbines, plus the Estlink-1 cable outage at the end of that month.
The overall monthly average for January 2024 was also influenced by one single day when the Nordpool price reached approximately €890 per MWh.
The cheapest month in 2024 was April, with an average price of €60.4 per MWh.
Average prices in Latvia and Lithuania differed from Estonia by a negligible amount. In Lithuania, the 2024 average price stood at €87.34; in Latvia, at €87.43 per MWh.
Despite having considerably higher disposable incomes, Finland enjoyed an average electricity exchange price nearly half that of Estonia, at €45.57 per MWh. This was down from the €56.47 per MWh seen the year before.
Further afield, in Denmark's two Nordpool price zones, the average price for 2024 came to approximately €71 per MWh, closer to Estonia's.
Norway and Sweden however saw significantly lower prices – ranging between €23 and €50 per MWh on average across the nine Nordpool zones those two much larger countries have between them.
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Editor: Andrew Whyte
