Britt-Marii Pung

The energy crisis and its possible solutions fuel passions and provide plenty of talk, but the impact of various mitigation measures on the electricity market is difficult to predict. Both gas and electricity prices continued to rise in sub-zero temperatures, and for the first time this winter, countries had to use their gas reserves. Despite the fact, they are rather optimistic about the coming months.

The cooler weather that arrived last week increased electricity consumption in Estonia and neighbouring countries, and thus the market prices. Good news was announced by NordPool – a second auction round to the electricity exchange will be added in December with the aim of preventing extreme price peaks in the future, similar to the ones we saw in August.

Windy weather helped to lower electricity prices last week, the exchange rate fell close to zero at times, but the increased wind output did not fully get to impact our prices due to maintenance work on the Swedish-Lithuanian submarine cable. Recent weather forecasts promise a milder-than-average winter, however, the threat of power outages in Europe has not disappeared.