November 2024 Energy Market Overview in the Baltics

a black and white chessboard with a white king and a black queen clashing and flying — Photo: Fatima Shahid

The average electricity prices in the Baltic region for November 2024 show significant variations, with forecasts indicating higher prices in early 2025.

07.01.2025 | Estonian competition authority

According to Nord Pool, the average electricity price in Estonia for November 2024 was €82.56/MWh, while Latvia and Lithuania reported prices of €88.75/MWh and €88.66/MWh, respectively. In contrast, Finland had a significantly lower average price of €45.34/MWh.

Future projections based on derivative instruments indicate that the expected electricity price will peak in January 2025 at €115.86/MWh, with gas prices also expected to be highest in the first quarter of 2025 at €45.09/MWh.

The report also highlights the average gas price traded on the Baltic-Finnish gas exchange GET Baltic, which was €45.38/MWh in November, according to the Baltic Gas Spot Index (BGSI). Additionally, a comparison of electricity and gas package prices shows that as of January 6, 2025, the most affordable electricity package was the market package, while the variable price package was the cheapest for gas.

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