On Monday, electricity prices on the Nord Pool market are expected to experience a significant increase of 53.1% compared to Sunday. The average price for the day in the Estonian pricing region is set to be €179.07 per megawatt-hour. The peak price will occur during the morning rush hour between 8:45 and 9:00 AM, where prices will soar to €299.99. In contrast, the most affordable electricity will be available during the night hours, dropping to €94.86 around 12:45 AM to 1:00 AM.

The surge in electricity prices is partially attributed to high consumption, with Estonia recently setting a new consumption record of 1,723 megawatts on Thursday morning. At the same time, electricity production was below 850 megawatts, resulting in a deficit that necessitated expensive imports. While Estonia has adequate power capacities on paper, weather conditions such as lack of wind or sun, and maintenance of power plants in the Ida-Virumaa region contribute to the high prices seen on the exchange.

This dramatic rise in electricity prices is indicative of ongoing challenges in the energy sector, particularly in balancing supply and demand. With neighboring countries like Latvia and Lithuania reflecting similar prices, and Finland seeing slightly lower prices, the situation calls for increased scrutiny on energy sources, consumption patterns, and the overall stability of the energy grid in the Baltic region.