The Estonian competition authority has released its 2024 report on the electricity and gas markets, indicating that the average market price for electricity in Estonia was €87.27/MWh, a 4% decrease from €90.79/MWh in 2023. Similarly, the average price on the GET Baltic gas exchange was €38.68/MWh, marking a significant 16.8% drop compared to the previous year.

Throughout 2024, the highest average electricity price was recorded in January at €126.48/MWh, with a peak price of €1896/MWh on January 5th during the hour from 19:00 to 20:00. Conversely, the lowest price was noted on August 25th at €19.96/MWh.

In a significant regulatory change, Estonia abolished the universal service regulation in 2024 due to the stabilization of electricity prices, indicating a reduced need for regulated pricing services. Additionally, new regulations were introduced in the Electricity Market Act to implement a reserve capacity mechanism aimed at ensuring supply security.

Furthermore, the management of balancing services in Estonia has been updated to align with the requirements of the European common market. Starting from the end of 2024, Elering will utilize the European mFRR regulation energy environment (MARI), and from 2025, the aFRR regulation energy environment (PICASSO) will be adopted.

The competition authority oversees various sectors, including competition, electricity, natural gas, district heating, postal services, water supply and sewage, railways, aviation, and ports, while also preventing unfair trading practices in the agricultural and food supply chains. The authority operates under the Ministry of Justice and Digital Affairs.