The return to service of the Estlink 2 submarine cable between Estonia and Finland, as well as favorable wind conditions and renewables, are behind the recent lower price of electricity, “Aktuaalne kaamera” reported.
Some higher energy-consuming businesses say that this temporary fall in price is not enough to restore competitiveness, however.
Estlink 2, which resumed operation around midsummer, had been offline since Christmas time, when it was damaged by a Russian shadow fleet vessel’s anchor. Its return brought Estonia’s electricity price significantly closer to, and sometimes below, that of Finland.
Marko Allikson, board member of traders Baltic Energy Partners, said: “The return of Estlink 2 to the market has helped keep electricity prices this low. Around midsummer, Estlink 2 resumed operation and that has brought our prices much closer to Finland’s. The summer has also had very changeable weather, with a lot of wind, and that has been the second major factor keeping electricity prices down.”
Sander Randver, board member of Eesti Energia subsidiary Enefit, said: “Across the Baltics, a considerable amount of renewable energy production capacity has been added. For example, the Sopi-Tootsi wind farm is operating at full capacity and several new parks have entered the market in Lithuania. Renewable energy production has increased significantly and continues to grow each year.”
More read: ERR.EE
