In July, exchange-traded electricity in Estonia was about 20 percent more expensive than in July last year. The average exchange price reached nearly 44 euros per megawatt-hour, or 4.4 cents per kilowatt-hour.
Average price including VAT in Estonia, July 2026
The highest daily price occurred on July 1 at 11.2 cents per kilowatt-hour with VAT, while the lowest was on July 26 at 1.1 cents. Prices were cheapest between 14:00 and 17:00, and most expensive between 20:00 and 23:00.
Tiit Hõbejõgi of Enefit attributed the year-on-year price increase to significantly lower hydropower production across the region. 'Due to the dry and often hot period, water levels in hydro reservoirs are low, and this affects the output of hydropower plants,' he said. 'For example, July's hydropower production in the Baltics was twice as low as last year.'
The decline in hydropower reduced the Baltic states’ ability to import cheaper electricity. Last July, imports accounted for nearly 30 percent of Baltic consumption; this July, they made up 18 percent. This forced greater reliance on fossil-fuel plants, which offer more expensive electricity.
Electricity prices in Finland averaged 15.4 euros per megawatt-hour without VAT in July — nearly three times cheaper than in Estonia. In Latvia–Lithuania, the average exchange price was 75 euros per megawatt-hour, three-quarters higher than in Estonia.
Despite higher prices in July, Estonia’s electricity prices in the second quarter of 2026 were two percent lower than the same period last year. June prices, however, were more than 50 percent higher than in June 2025.
Renewable electricity produced in Estonia covered more than half of domestic consumption in the second quarter. Domestic production reached 1.2 terawatt-hours, while consumption was 1.8 terawatt-hours. Net imports totaled 629 gigawatt-hours, or 34.1 percent of consumption — down from 41 percent in the first quarter.
Elering board member Erkki Sapp noted that renewable energy accounted for 85 percent of Estonia’s total electricity production in the second quarter, up from 72 percent last year.
Non-renewable electricity production in Estonia during the second quarter was nearly 180 gigawatt-hours — more than twice as little as in the same period last year.
