The calm brought back extraordinary electricity prices to Finland and Estonia

On Friday, August 22, Finland and Estonia will face the highest wholesale electricity prices in the last five months.

According to the Nord Pool exchange, on August 22, Finland and Estonia will face the highest wholesale prices over the summer. During the peak hour from 19.00 to 20.00, they will amount to 467 euros per MWh, and the daily average is 208 euros per MWh.

For Estonia, it will be more than three times more expensive than the current average monthly price, and for Finland — more than four times. The last time similar prices were in two countries was almost five months ago — on March 31.

In neighboring Latvia and Lithuania, prices will be lower, but not by much. There, the average daily cost will be 132 euros, and the peak cost will be 386 euros.

Obviously, such prices can last longer than a day, as the price increase came after a calm, which brought down the power of wind generation, which plays a significant role in the energy systems of Finland and The Baltic States.

The Finnish operator Fingrid reports that the wind power production capacity in the country was at least 3 GW on August 19, and on August 2, it is predicted to fall below 1 GW. In Estonia, the drop may be even more significant.

The country's lost volumes will be compensated by imports and electricity from gas-fired power plants.