Energy, Energy Market, Estonia

International Internet Magazine. Baltic States news & analytics Saturday, 28.11.2020, 13:35

Estonia: Electricity market prices to rise to EUR 200 per megawatt-hour on Friday

BC, Tallinn, 20.11.2020.Print version
From 5 p.m. on Friday evening, electricity market prices will rise to 200 euros per megawatt-hour during two hours and to 150 euros per megawatt-hour during one hour, being several times higher than normal electricity market prices, wirtes LETA/ BNS.

The sharp rise in prices is mainly due to the region's low wind power production, limited nuclear power generation due to failures at Scandinavian nuclear power plants and the rapid rise in electricity consumption due to low air temperatures, Estonian state-owned energy group Eesti Energia said.

"Last night, the market prices of electricity were very low and the load of Narva power plants was therefore close to the minimum below 50 megawatts. Early in the morning we started to increase the production capacity of the power plants and by noon the capacity was already 800 megawatts," Raine Pajo, member of the management board of Eesti Energia, said.

According to Eesti Energia, the high electricity prices tonight would be significantly higher without the Narva power plants, because in order to compensate for the capacity shortage, fuel oil-fired power plants with very high production costs would have had to be started up in Scandinavia.

Over the course of 24 hours today, the difference between the highest and lowest hourly electricity price is more than 100 times. The lowest hourly rate was 1.53 euros per megawatt-hour at night and the highest price is from 6 p.m. tonight, when the hourly rate will be 200.89 euros per megawatt-hour.

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