While Tuesday has seen the highest average electricity price of the year so far, Wednesday's price will be even higher. Electricity is particularly expensive in the morning and evening.

Prices range between €69 and €182 over night from Tuesday to Wednesday.

At 6 a.m., the price will surge to €400 per megawatt-hour and still stay at approximately the same level until 10 a.m.

Between 5 p.m. and 6 p.m., the price will peak at €483 per megawatt-hour.

The average electricity price on Wednesday is the same in Latvia and Lithuania, at around €230. In Finland, however, electricity costs more than three times less, at €72 per megawatt-hour.

While last week's average electricity price in Estonia was €126 per megawatt-hour, the average price for the first days of this week is close to €190.

The last time electricity prices in Estonia were higher was on October 2 of last year, when the average price exceeded €240.

Baltic electricity prices are being driven up by low renewable energy generation, the malfunction of the EstLink 2 submarine power cable, higher consumption, and rising natural gas prices, according to regulators, Lithuanian public broadcaster LRT reported on Tuesday.

"At the moment, we have what is known in Europe as 'dunkelflaute', a unique situation where neither wind nor solar are generating electricity. We have an absolute calm today in Lithuania, and the sun isn't shining in our region either. Renewable generation is producing very little electricity," Renatas Pocius, chairman of the National Energy Regulatory Council (VERT) told LRT RADIO.

"We're having problems with connections. One of the links, between Estonia and Finland, is down, and we can't import cheaper electricity from Scandinavia," he added.

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