Almost free electricity lasted a day in Estonia: prices soared 16 times

On Thursday, December 25, electricity in Estonia was traded almost for nothing. The wholesale price fell below a euro cent per kWh. However, almost free electricity lasted only a day. On Friday, prices rose 16 times.

On December 25, the average wholesale price of electricity in Estonia fell to 2.47 euros per MWh (0.25 euro cents or 23 kopecks per kWh). In some hours, the price of a megawatt did not rise above 9 euro cents, and the maximum was 4.88 euros.

Such a drop in prices is due to the weather, as wind farms have gained power, as well as low prices in neighboring Finland, where prices were generally negative for part of the day.

However, obviously, due to the instability of the weather, the situation changed quickly and the average wholesale price on Friday has already increased 16 times — up to 40 euros per MWh. Although this is not the highest cost.

According to the NordPool exchange, the average price in December in Estonia is almost 80 euros per MWh. In neighboring Lithuania and Latvia — even higher. There, the average monthly price is kept at almost 92 euros.

As EADaily reported, the 11th power unit was repaired at the Baltic power plant in Narva, which is capable of providing the cheapest heat supply. 7 million euros were spent on this. However, the launch of the unit is postponed, as electricity prices on the market are too low and the operation of the unit will be unprofitable.