After a power cable rupture occurred in the Baltic Sea on December 25 between Finland and In Estonia, electricity prices have risen sharply in the Baltic countries.
December 27 in Latvia, Lithuania and Wholesale electricity prices in Estonia have risen sharply. According to the Nord Pool exchange, on Friday the average daily price will be 142 euros per MWh, and during peak hours — 222 euros per MWH. This is two to four times more expensive than in previous days. At the same time, the average monthly price in The Baltic region is 86-93 euros per MWH.
The sharp rise in price is due to the rupture of the EstLink2 power cable, which connects Finland and Estonia. This is not the only route for importing electricity, including from Finland. However, supplies from the northern neighbor during the abundance of green generation made it possible to lower the cost to 12 euros per MWh.
"A malfunction in EstLink 2 may affect electricity prices on the stock exchange in Estonia and other Baltic countries," the Estonian operator Elering reports. — If renewable energy production in the Baltic States is at a high level, then the connection between Estonia and Finland has little effect on prices. The impact of prices is more likely in situations with a low level of electricity production from renewable sources. In such cases, prices depend on gas-fired power plants in the Baltic States and shale power plants in Estonia".
The Estonian energy system operator believes, based on the experience of the first half of the year, that prices in the Baltic countries will be slightly higher than in the Nordic countries.
In Finland itself, favorable weather and wind farms are operating at full capacity, which makes it possible to lower wholesale prices to a minimum. On December 27, the average daily price in the country is 2.7 euros per MWh, and during peak hours it does not rise above 4 euros per MWh.
As EADaily reported, on the afternoon of December 25, the EstLink 2 power cable with a capacity of 560 MW failed. Fingrid and Elering reported that the rupture occurred in the Baltic Sea, but there has not yet been an underwater investigation of the cable.
The Finnish border Service detained the Eagle S tanker, which carries Russian unleaded gasoline. He is suspected that the vessel could have damaged the cable with anchors, which, as stated in the Finnish border service, were not found on board the tanker.