Enefit reports that the exceptionally high electricity prices in February were primarily due to record-breaking consumption during an unusually cold month.
Enefit's energy trading analyst, Karl Joosep Randveer, highlighted that the average electricity price in February was significantly elevated due to two main factors: an extremely cold February and an unprecedented surge in electricity demand. The month experienced an average temperature of -8 degrees Celsius, making it the coldest February since 2012. Consequently, the increased electricity consumption resulted in a notable rise in electricity prices, especially as local electricity generation was insufficient to meet demand.
According to Randveer, the current demand levels for electricity in February have never been seen before in the Estonian market, leading to correspondingly high prices. The consumption surge was 14% higher compared to the average electricity consumption for February over the last decade, with this year's figures reaching 847 GWh, compared to the previous average of 745 GWh. Further comparisons show a significant increase of 17% in consumption compared to February of 2025, indicating a consistent upward trend in consumption patterns in Estonia.
The average electricity price for February was recorded at 15.5 cents per kilowatt-hour, reflecting a substantial rise from previous months due to these outlined conditions. As Estonia navigates through these challenges, the situation raises important discussions regarding energy consumption, pricing strategies, and the country's readiness to meet energy demands during peak times, especially amid extreme weather conditions, which appear to be becoming more common.
