The price of electricity in Finland and the Baltic on Tuesday will exceed 1000 euros MWh

The exchange price of electricity in Finland and the Baltic countries will reach a new record exceeding 1000 Euro MWh, follows from the daily forecast of the Nord Pool electricity exchange.

In Finland, Estonia, Latvia and Lithuania, electricity prices will peak from 7 am to 8 am on Tuesday, with a forecasted price of EUR 1,000.07 MWh.

At the same time, the average price for electricity in these countries on Tuesday will amount to 469 euros per MWh.

The company Fingrid, which manages Finland’s power grids, in a commentary to RIA Novosti explained that prices are rising due to high demand – extremely cold weather in the region and problems with its own electricity production, in connection with which imports from Russia and Sweden will peak.

Finland is volatile and about 10% of its electricity is supplied from Russia.

As reported in Fingrid, the share of electricity from the Russian Federation amounted to 10% of consumption in Finland for 9 months of 2021, the average price of Russian electricity was 57.98 euros per MWh.