Nordic power prices hit highest level since 2022 energy crisis

Nordic power prices climbed to their highest since the 2022 energy crisis, Bloomberg reported on 9 February 2026. The surge follows a sustained cold snap that pushed Estonian day-ahead prices to nearly €500/MWh on Monday 2 February, an extreme reading for a zone that had already recorded its most expensive January in years, according to ERR.

The sequence is consistent: January 2026 set multi-year highs for Estonia, then a fresh cold front in early February pushed prices to the crisis-era range seen in 2022. Hydro reservoir levels and wind output data were not included in the source reports, so the exact supply-side split behind the spike is not available from these items alone.

The price pattern reinforces the structural sensitivity of the Nordic-Baltic corridor to temperature-driven demand at times of low renewable output. Traders with exposure to NO, SE, FI, EE, LV, or LT zones should note that the February spike arrived less than two weeks after January already printed at elevated levels. That timing suggests the cold-weather premium was not fully priced into the forward curve entering the month.