Electricity prices in Estonia 2023
In 2023, the average wholesale day-ahead electricity price in Estonia was € 0.0909 /kWh (▼53% vs 2022). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2023
| Month | €/MWh | €/kWh | MW |
|---|---|---|---|
| January 2023 | € 99.28 | € 0.0993 | 1,091 |
| February 2023 | € 113.06 | € 0.1131 | 1,103 |
| March 2023 | € 86.99 | € 0.0870 | 1,022 |
| April 2023 | € 65.70 | € 0.0657 | 889 |
| May 2023 | € 65.12 | € 0.0651 | 814 |
| June 2023 | € 92.37 | € 0.0924 | 767 |
| July 2023 | € 79.49 | € 0.0795 | 726 |
| August 2023 | € 94.60 | € 0.0946 | 785 |
| September 2023 | € 113.27 | € 0.1133 | 808 |
| October 2023 | € 87.64 | € 0.0876 | 920 |
| November 2023 | € 104.88 | € 0.1049 | 1,010 |
| December 2023 | € 88.60 | € 0.0886 | 1,123 |
Estonia's electricity sector is undergoing a rapid pivot away from oil shale, the carbon-intensive sedimentary rock that powered the country for 60 years. As recently as 2018 oil shale provided over 75% of generation; by 2025 the share had dropped to under 25% and is targeted to end by 2035. Elering, the national TSO, runs the EE bidding zone within the Baltic synchronous area — set to fully desynchronize from the Russian IPS/UPS system in February 2025 and join the Continental European grid via the LitPol Link and Harmony Link to Poland.
Wind has expanded to ~25% of generation; solar PV now exceeds 700 MW. The Estlink-1 and -2 HVDC cables to Finland make Estonia tightly coupled to Nordic prices, especially during low-wind winter weeks.
The first nuclear reactor is being studied for the late 2030s but no final investment decision has been taken.