The Baltic states connected to electricity supplied via Finland, Sweden and Poland after disconnecting from Russia, which had supplied them electricity for decades.
Following the weekend’s cut from the Russian power grid, electricity prices in the Baltic region have started to rise rapidly. This is due to low wind, no sun and the increase in gas prices.
Over the weekend, Estonia switched off from the Russian grid and hooked up to the European system. Since then, the price of electricity in Estonia has started to climb.
From €126 per MWh last week, the new average electricity price will be €191 per MWh, a high for 2025 so far.
Experts say that 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 after leaving the Russian electricity system.
The underwater Estlink 2 cable was damaged by an anchor and is out of service. If the Lithuanian-Swedish cable were fully operational, the price would already be significantly cheaper.
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