The price of electricity climbed 16.9 percent to €43.36 per megawatt-hour in Estonia and Finland, 15.7 percent to €34.48 in Latvia and 15.6 percent to €43.49 per megawatt-hour in Lithuania, it appears from an energy market overview of the Estonian state-owned energy group Eesti Energia.

Due to an approaching cold snap, Eesti Energia at the end of January estimated the price of electricity in the Baltics to be approximately €41.80 per megawatt-hour, but serious freezing temperatures drove up electricity prices even further.

Cold and windless weather, power plant breakdowns and the restrictions that occurred in transmission cables resulted in the price highs of the second half of the month, which totaled nearly €250 per megawatt-hour. The constantly cool weather also kept the lowest electricity price per megawatt-hour relatively high, that is at €25.56 per megawatt-hour.

Prices of CO2 quotas also continued to increase in February -- the price of the quota in February fluctuated between €8.78-10.13 per ton. The quota price at the same time a year before fluctuated between €4.89-5.38 per ton, lower by approximately a half.

Due to seasonality, a drop in the average electricity price can be expected for March. Judging by power futures, the average electricity price in March is expected to be €38.15 per megawatt-hour.