Electricity prices in Estonia 2024
In 2024, the average wholesale day-ahead electricity price in Estonia was € 0.0874 /kWh (▼4% vs 2023). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2024
| Month | €/MWh | €/kWh | MW |
|---|---|---|---|
| January 2024 | € 126.50 | € 0.1265 | 1,200 |
| February 2024 | € 75.63 | € 0.0756 | 1,116 |
| March 2024 | € 68.15 | € 0.0681 | 1,000 |
| April 2024 | € 60.51 | € 0.0605 | 949 |
| May 2024 | € 76.13 | € 0.0761 | 817 |
| June 2024 | € 92.28 | € 0.0923 | 726 |
| July 2024 | € 98.41 | € 0.0984 | 733 |
| August 2024 | € 107.09 | € 0.1071 | 759 |
| September 2024 | € 84.55 | € 0.0846 | 787 |
| October 2024 | € 92.12 | € 0.0921 | 870 |
| November 2024 | € 82.97 | € 0.0830 | 975 |
| December 2024 | € 84.42 | € 0.0844 | 1,032 |
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.