Electricity flow from Estonia to Finland in July outstrips previous months

Power flows of electricity from Estonia to Finland grew in July compared to previous months.

In July, 50 per cent of the electricity power flows between Estonia and Finland were in the direction of Estonia; 39 per cent were in the direction of Finland. Measured by quantity, 81.4 gigawatt-hours of electricity flowed from Estonia to Finland last month.

A month earlier, June, electricity flowed from Estonia to Finland in 11 per cent of hours and 13.8 gigawatt-hours of electricity was transmitted in that direction. In May, the respective figures were seven per cent and 5.8 gigawatt-hours.

In July, 100.7 gigawatt-hours of electricity flowed from Finland to Estonia, while in June the same figure was still 260.6 gigawatt-hours; in May, 275 gigawatt-hours.

The power exchanges rose in July in all of the bidding areas on the Nordic countries’ Nord Pool power exchange. In Estonia, price rose close to 13.11 per cent compared to June, reaching 54.06 euros per megawatt-hour.

In Finland, the exchange price rose by 14.5 per cent compared to the last month to 54 euros/MWh, while the price in Latvia rose 7.2 per cent to 54.55 euros/MWh. The entire Nord Pool system price rose close to 15.4 per cent last month to 51.7 euros. In the Estonian and Finnish bidding areas, a price difference was seen in 12 hours during the month, while a price difference was seen between Estonia and Latvia bidding areas in 101 hours.

Electricity power streams between Estonia and Latvia were directed to Latvia 90.5 per cent of the time and 7 per cent of the time – i.e., in 52 hours - in the direction of Estonia. Trade did not take place between the two countries in the case of 19 hours. In the Latvian direction, 47 per cent of the capacity allocated to the market was used; in the Estonian direction the figure was 1.5 per cent. In the Latvian direction, the capacity allocated to the market was used completely in 101 hours – close to 14 per cent of the time.

Last month, Elering earned 597,861 euros in income from allocation of cross-border transmission capacity. The prices of carbon dioxide emission allowances - which impact the price of electricity – continue to rise and have reached the interval 15.03 to 17.36 euros per tonne. In the same month last year, the price range was 5.04 to 5.47 euros per tonne.

Based on futures trades on the Nasdaq OMX exchange, as of the last trading day of the month, the exchange price of electricity in August could shape up to be 59.05 euros/MWh in Estonia, 58.65 euros/MWh in Finland and 62.05 euros/MWh in Latvia.