At the beginning of the week, the price of electricity is high. The reason is the high price of imported electricity and low wind energy production. There are restrictions between Sweden's 3rd and 4th regions. This prevents the movement of cheap electricity. As a result, prices rose by 171% in Finland and by 65% in Sweden's 4th region. Colder air also increases electricity consumption.
The price of electricity in Estonia is high due to low wind energy. Local power plants have to work more. The connection between Estonia and Latvia is limited to 58% of its capacity. This keeps the price volatile.
On Monday, the price of electricity in Estonia was at its highest at 350 euros per megawatt-hour. On Tuesday, the price was 483 euros. On Sunday, the average price was 77 euros, on Monday 177 euros, on Tuesday 237 euros, and on Wednesday 156 euros. The November average is 96 euros.
High prices will remain at least until mid-week. More wind is expected from Wednesday. This may lower prices. If the wind doesn't come and restrictions remain, prices may stay high for several more days.
The main reason for the high price is low wind energy in Finland and the Baltic countries. The weather is cold and there is no sunshine. Controllable power plants have to work more. This increases the price. Last time this many controllable plants were in operation was in February.
The winter average electricity price is forecasted to be around 100 euros. On cold days, the price may be up to 20% higher. If there is enough wind, prices are lower. If the weather is cold and calm, the price may exceed 150 euros.