Monday electricity prices reach nearly €500 amid cold snap
Market electricity prices in Estonia surged Monday, averaging nearly €315 per megawatt-hour (MWh) and peaking close to €500 in the morning as cold weather drives demand.
Prices in Estonia's price area on the Nord Pool power exchange climbed steadily from early morning, reaching over €412 per MWh shortly before 7 a.m. and peaking at €488 per MWh at 7:45 a.m.
Even after the morning high, prices will ease only slightly, remaining above €300 per MWh through nearly 7 p.m. and above €200 per MWh through nearly 10 p.m.
Overnight prices ranged between €112 and €200 per MWh, but began rising again after 6 a.m. as demand increased.
Average electricity prices are similar in Latvia and Lithuania on Monday, with typically cheaper Finland also roughly on par with Estonia.
The surge is being driven by increased electricity consumption as the nationwide cold snap continues.
Supply constraints are also contributing. Eesti Energia's Auvere Power Plant has been offline for repairs since January 7 and is expected to return to the market on February 10.
A boiler in block 8 of the Eesti Power Plants was also out of service in January, scheduled to return on February 2.
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Editor: Aleksander Krjukov, Aili Vahtla
