The Baltic states have transitioned from relying on Russian electricity to connecting with the European power system via Finland, Sweden, and Poland. After Estonia's disconnection from the Russian grid, electricity prices surged from €126 to €191 per MWh, influenced primarily by adverse weather conditions, notably low wind and increased gas prices. Although the gas price has hit highs recently, a drop is anticipated. The Baltic region's limited electricity connections post-Russian disconnection, compounded by the damaged Estlink 2 cable, exacerbate the situation, leading to concerns about future electricity costs.
Experts say that the price hike is mainly due to the weather and the markets.
Electricity prices in the Baltic region have started to rise rapidly.
The price of gas has reached a record high of the last couple of years on the Dutch TTF.
Since disconnecting from the Russian grid, Estonia's electricity price has climbed from €126 to €191 per MWh.
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