This article is a part of Energy Recap - our monthly deep dive into the energy market. Get articles and analyses from our market experts on the most interesting agendas, key events shaping the current prices, and forecasts for the month to come.
Sign up for Energy RecapAnother month of sky-high spot prices
In January, we reported extremely sharp price hikes on the Nordic spot market with the arrival of winter in the Nordics. And yet, February was even more expensive, both at system level and in several of the respective price areas across the Nordics.
In fact, only two price areas, Western Denmark (DK1) and southern Norway (NO2), saw lower prices in February compared with the previous month. The average system price for the month was 104.38 EUR/MWh, the most expensive month since December 2022 and 2% higher than the January level.
Iced wind turbines cause problems
Finland was the area that saw the biggest price increase in February, and with an average price for the month of 137.16 EUR/MWh, it was also by far the most expensive price area in the Nordics. The situation in Finland has been critical so far in 2026, despite the introduction of the new Aurora Line transmission cable from northern Sweden (SE1), which has increased its import opportunities from other price areas.
Finland has significantly expanded its wind capacity in recent years. Combined with the commissioning of the Olkiluoto 3 nuclear reactor, this has shifted the country from being one of the most expensive price areas in the Nordics to one of the cheapest. However, Finnish wind production has faced major disruptions in recent months. Extreme winter temperatures, well below seasonal norms, have caused extensive icing on wind turbines, preventing generation for prolonged periods despite strong wind conditions. As a result, Finnish power prices spiked sharply, peaking at a daily average of 389.89 EUR/MWh on 3 February.
Are we seeing the effect of Norgespris?
Last autumn, the much talked about Norwegian state-funded fixed-price scheme for private consumers, the Norgespris, was introduced.
Recent developments have made this issue particularly relevant.
Want the full analysis?
Please submit your name, company name and email and get access to the full analysis; insights on the effect of Norgespris and new development on the carbon market.
