Soaring electricity prices in Estonia are mainly linked due to the weather and markets, according to experts.
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Estonian electricity prices skyrocketed as the cost of power across the Baltic region starts to rise rapidly.
From €126 per MWh last week, the new average electricity price will be €191 per MWh – an increase of around 50% and a high for 2025 so far.
Experts say the price hike is mainly due to the weather and the markets.
"Less wind this week, higher electricity consumption due to colder weather and a slight increase in gas price," explains electricity and gas transmission system operator Elering.
The price of gas has reached a record high of the last couple of years on the Dutch TTF but is expected to fall. However, there are fewer connections than usual in the Baltic region.
The underwater Estlink 2 cable was damaged by an anchor and is out of service. If the Lithuanian-Finland cable were fully operational, the price of electricity would be significantly cheaper.
Finnish police say the crew of the Russia-linked tanker suspected of damaging the power cable under the Baltic Sea were detained indefinitely.
Countries in the region have been on alert following a string of incidents involving undersea cables and gas pipelines in the Baltic Sea since 2022.
Over the weekend, Lithuania, Latvia and Estonia disconnected from the Soviet-era energy grid and merged with the European energy system
The severing of electricity ties to oil and gas-rich Russia is steeped in geopolitical and symbolic significance.
Work towards it sped up after Russian President Vladimir Putin ordered his troops to invade Ukraine three years ago, battering Moscow’s EU relations.