Latvian electricity market overview

In June 2024, the average electricity price in the Latvian bidding area increased to EUR 91,73 per megawatt hour (EUR/MWh), which is 21% more than in May, while compared to June 2023, the price is 7% lower.

Highlights in June :
  • In June, 239 GWh of electricity was generated in Latvia, 52% less than in May and 13% more than a year ago. At the same time, electricity consumption in Latvia reached 508 GWh, 5% less than in May and 0,2% more than a year ago;
  • Lithuania and Estonia also saw a decrease in electricity production, by 7% and 4% respectively. In Lithuania, electricity consumption increased to 913 GWh, while in Estonia it decreased to 523 GWh;
  • With a significant drop in electricity production in Latvia, only 47% of the country's electricity consumption was generated in June, the lowest since last August, with the shortfall of 269 GWh imported from neighbouring countries;
  • The biggest drop in production was in hydroelectric power plants, which generated only 124 GWh in June, 67% less than in May and 48% more than a year ago. At the same time, the contribution of solar power plants continued to increase in June, reaching 64 GWh, accounting for just over a quarter (27%) of Latvia's total electricity production;
  • In June, average electricity prices increased across Europe: the highest average electricity price was in Poland - 105,46 EUR/MWh, while the lowest was in Finland - 36,06 EUR/MWh;
  • The average monthly electricity price in the Baltic States was 91,73 EUR/MWh, an increase of 21% compared to the previous month, due to a reduction in electricity generation as well as as well as constraints in cross-border transmission capacities due to the repairs of Estlink-2;
  • In June, compared to May, electricity imports to the Baltic States increased by 23% overall, with the largest increases coming from Sweden - 28,1%, Poland - 20,6% and the Finnish region - 15,1%;
  • In June, a total of 1 346 548 GOs were issued in the Latvian Domain for GOs, which is 85% more than in May.

Raw data can be downloaded here.

From May 2024 onwards, all calculations and data are calculated and processed in the Eastern European Time (EET) zone.

Electricity production and consumption balance in Latvia*

Production type

June 2024, MWh

Compared to the previous month, %

June 2023, MWh

Hydro

123 952

-67%

84 025

Fossil Gas

2 965

-19%

60 702

Wind

13 839

0%

9 603

Biomass

22 012

5%

20 146

Biogas

12 511

-9%

15 795

Solar

63 667

3%

21 173

Total production, including:

238 945

-52%

211 444

– In transmission grid

137 046

-65%

153 158

– In distribution grid  [1]

101 900

-2%

58 286

* Here and in the following review, the electricity produced is the electricity injected into the grid and the electricity consumed is the electricity received from the grid for consumption.

** Fossil energy source – fossil gas; renewable energy sources – hydro, solar, wind, biogas and biomass.

 

June 2024, MWh

Compared to the previous month, %

June 2023, MWh

Electricity import to Latvian electricity grid [2]

363 817

32%

412 704

Export from Latvian electricity grid [3]

95 092

-59%

117 376

Net exchange

268 725 (deficit)

534%

295 328 (deficit)

 

June 2024, MWh

Compared to the previous month

June 2023, MWh

Electricity consumption in Latvia [4]

507 670

-5%

506 771

Electricity consumption covered by local generation*

47%

-45 (percentage points)

42%

Balance of the electricity production and consumption in the Baltic States

 

June 2024, MWh

Compared to the previous month, %

June 2023, MWh

 

Production

Consumption

Production

Consumption

Production

Consumption

Baltic States

1 248 596

1 943 575

-20%

-4%

993 044

1 923 965

Estonia

413 146

522 991

-4%

-12%

403 904

539 752

Latvia

238 945

507 670

-52%

-5%

211 444

506 771

Lithuania

596 505

912 914

-7%

2%

377 696

877 442

Interconnection load and electricity prices

Bidding area

Average price in June 2024, EUR/MWh

Compared to previous month, %

Average price in June 2023, EUR/MWh

Lowest hourly price in June 2024, EUR/MWh

Highest hourly price in June 2024, EUR/MWh

Lowest daily price in June 2024, EUR/MWh

Highest daily price in June 2024, EUR/MWh

NPS Finland

36.06

2%

43.32

-8.25

299.62

-1.09

122.71

NPS Estonia

91.73

21%

92.07

-6.55

372.81

29.41

137.91

NPS Latvia

91.73

21%

98.69

-6.55

372.81

29.41

137.91

NPS Lithuania

91.73

21%

98.69

-6.55

372.81

29.41

137.91

NPS Sweden (SE4)

55.54

28%

88.58

-37.13

225.77

-0.68

92.47

Poland

105.46

23%

118.16

-32.04

359.40

51.40

140.51

Price comparison between neighbouring bidding areas

Comparable bidding areas

Hours with the same price in June 2024, %

Compared to previous month (percentage points)

Hours with the same price in June 2023, %

NPS FI & EE

31.3%

3.8

23.2%

NPS EE & LV

100.0%

0.1

85.7%

NPS LV & LT

100.0%

0.0

100.0%

NPS LT & SE4

18.6%

-13.0

49.0%

Load of the Baltic States interconnections

Interconnection

Average load in June 2024, %

Compared to previous month (percentage points)

Lowest daily load in June 2024, %

Highest daily load in June 2024, %

LV -> LT

3.9%

-4.8

0.1%

10.4%

EE -> LV

18.5%

3.3

2.1%

40.8%

LT -> LV

22.9%

11.9

4.0%

49.0%

PL->LT

51.0%

10.6

6.9%

98.0%

LT->PL

23.7%

-6.5

1.0%

53.2%

SE4->LT

97.3%

10.1

67.2%

100.0%

FI->EE

84.3%

7.9

38.9%

100.0%

LV>EE

2.3%

-6.6

0.0%

18.2%

EE>FI

2.1%

-8.8

0.0%

24.6%

LT>SE4

1.7%

1.6

0.0%

6.9%

Electricity import to the Baltic States  [5]

 

June 2024, MWh

Compared to previous month, %

June 2023, MWh

Import from third countries

0

0.0%

0

Import from EU countries, including:

872 148

23.0%

1 088 399

From Poland

180 650

20.6%

113 634

From Sweden

473 885

28.1%

452 436

From Finland

217 613

15.1%

522 329

GUARANTEES OF ORIGIN (GOs)
Statistics of the activity in the Latvia Domain for GOs

Transaction type

June 2024, MWh

Compared to previous month, %

June 2023, MWh

Issued GOs

1 346 548

84.9%

801 502

Cancelled GOs

87 876

220.3%

66 554

Imported GOs

56 198

3447.9%

47 213

Exported GOs

1 456 638

236.6%

655 400

GO Transfers internally

718 761

1200.7%

58 778

Expired GOs

468

-12.7%

91

BALANCING MARKET IN THE BALTIC STATES
Imbalance prices in the Baltic States

Country

Imbalance price in June 2024, EUR/MWh

Compared to previous month, %

Imbalance price in June 2023, EUR/MWh

Estonia

97.18

36%

100.40

Latvia

97.18

36%

100.40

Lithuania

97.18

36%

100.40

Highest and lowest bid prices

 

Estonia

Latvia

Lithuania

 

Upward

Downward

Upward

Downward

Upward

Downward

Highest price, EUR/MWh

1000

335.5

300

10

1017.5

112

Lowest price, EUR/MWh

0

-107

100

-100

64.9

-300

Total activated energy

 

Upward

Downward

 

Total activated energy in June 2024, MWh

Compared to previous month, %

Total activated energy in June 2024, MWh

Compared to previous month, %

Estonia

2 292

21%

5 185

46%

Latvia

3 940

31%

2 624

-59%

Lithuania

9 815

-10%

17 096

-6%

Finland

320

-22%

9 064

61%

Sweden

444

-59%

11 292

32%

Average hourly standard bid size

 

Average hourly standard bid size in June 2024, MW

Compared to previous month, %

Hours with no standard bids in June 2024, %

 

Upward

Downward

Upward

Downward

Upward

Downward

Baltic States

559

250

2%

-1%

0%

0%

Estonia

27

23

-15%

25%

0%

0%

Latvia

49

26

25%

-41%

12%

42%

Lithuania

483

201

1%

5%

0%

4%

In case of any doubts, questions or inaccuracies, please contact us at [email protected]

The information contained in the Market Overview is provided for informational and educational purposes only. Nothing contained in the Market Overview is to be construed or used as a basis for investment or as a basis for any claims against AST. 


Abbreviations and designations used:

LV - Latvia trade area, LT - Lithuania trade area, EE - Estonia trade area, PL - Poland trade area, FI - Finland trade area, SE4 - Sweden's fourth trade area, AT - Austrian trade area, BE - Belgium trade area, DE-LU - German- Luxembourg trade area, FR - France trade area, NL - the Netherlands trade area, DK1 and DK2 - Danish 1. and 2. trade area.

Load = monthly total commercial flow in kWh / monthly total net transfer capacity in kWh ("Net Transfer Capacity" NTC).

The ENTSO-E Transparency Platform is a central collection and publication of electricity generation, transportation and consumption data and information for the pan-European market.

Guarantee of Origin (GO) is an electronic document, that proves the origin of the generated electricity. GOs are uniquely identifiable, transferable, and therefore tradable and used (by cancellation) to provide information of supplied energy to the end-consumer. One GO = 1 MWh generated and injected into the grid that has an expiration of 12 months after the end of the production period.

* Here and in the following review, the electricity produced is the electricity injected into the grid and the electricity consumed is the electricity received from the grid for consumption.

** Fossil energy source – fossil gas; renewable energy sources – hydro, solar, wind, biogas and biomass.

[1] In Latvia there are 10 distribution system operators – for more information visit https://www.sprk.gov.lv/content/pakalpojumu-sniedzeji-1

[2] Here as electricity imports are not commercial transactions, but electricity that has physically entered the network from other countries.

[3] Here as electricity exports are not commercial transactions, but electricity physically transferred from the network to other countries.

[4] According to the (ENTSO-E) definition, which does not include electrical self consumption.

[5] Here as electricity imports are commercial transactions.

In June 2024, the average electricity price in the Latvian bidding area increased to EUR 91,73 per megawatt hour (EUR/MWh), which is 21% more than in May, while compared to June 2023, the price is 7% lower.

Highlights in June :
  • In June, average electricity prices increased across Europe: the highest average electricity price was in Poland - 105,46 EUR/MWh, while the lowest was in Finland - 36,06 EUR/MWh;
  • The average monthly electricity price in the Baltic States was 91,73 EUR/MWh, an increase of 21% compared to the previous month, due to a reduction in electricity generation as well as as well as constraints in cross-border transmission capacities due to the repairs of Estlink-2;
  • In June, compared to May, electricity imports to the Baltic States increased by 23% overall, with the largest increases coming from Sweden - 28,1%, Poland - 20,6% and the Finnish region - 15,1%;
  • In June, a total of 1 346 548 GOs were issued in the Latvian Domain for GOs, which is 85% more than in May.

Raw data can be downloaded here.

Electricity production and consumption balance in Latvia* :

The information will be published immediately after its available, but no later than 22.07.2024.

Interconnection load and electricity prices

Bidding area

Average price in June 2024, EUR/MWh

Compared to previous month, %

Average price in June 2023, EUR/MWh

Lowest hourly price in June 2024, EUR/MWh

Highest hourly price in June 2024, EUR/MWh

Lowest daily price in June 2024, EUR/MWh

Highest daily price in June 2024, EUR/MWh

NPS Finland

36.06

2%

43.32

-8.25

299.62

-1.09

122.71

NPS Estonia

91.73

21%

92.07

-6.55

372.81

29.41

137.91

NPS Latvia

91.73

21%

98.69

-6.55

372.81

29.41

137.91

NPS Lithuania

91.73

21%

98.69

-6.55

372.81

29.41

137.91

NPS Sweden (SE4)

55.54

28%

88.58

-37.13

225.77

-0.68

92.47

Poland

105.46

23%

118.16

-32.04

359.40

51.40

140.51

Price comparison between neighbouring bidding areas

Comparable bidding areas

Hours with the same price in June 2024, %

Compared to previous month (percentage points)

Hours with the same price in June 2023, %

NPS FI & EE

31.3%

3.8

23.2%

NPS EE & LV

100.0%

0.1

85.7%

NPS LV & LT

100.0%

0.0

100.0%

NPS LT & SE4

18.6%

-13.0

49.0%

Load of the Baltic States interconnections

Interconnection

Average load in June 2024, %

Compared to previous month (percentage points)

Lowest daily load in June 2024, %

Highest daily load in June 2024, %

LV -> LT

3.9%

-4.8

0.1%

10.4%

EE -> LV

18.5%

3.3

2.1%

40.8%

LT -> LV

22.9%

11.9

4.0%

49.0%

PL->LT

51.0%

10.6

6.9%

98.0%

LT->PL

23.7%

-6.5

1.0%

53.2%

SE4->LT

97.3%

10.1

67.2%

100.0%

FI->EE

84.3%

7.9

38.9%

100.0%

LV>EE

2.3%

-6.6

0.0%

18.2%

EE>FI

2.1%

-8.8

0.0%

24.6%

LT>SE4

1.7%

1.6

0.0%

6.9%

Electricity import to the Baltic States  [1]

 

June 2024, MWh

Compared to previous month, %

June 2023, MWh

Import from third countries

0

0.0%

0

Import from EU countries, including:

872 148

23.0%

1 088 399

From Poland

180 650

20.6%

113 634

From Sweden

473 885

28.1%

452 436

From Finland

217 613

15.1%

522 329

GUARANTEES OF ORIGIN (GOs)
Statistics of the activity in the Latvia Domain for GOs

Transaction type

June 2024, MWh

Compared to previous month, %

June 2023, MWh

Issued GOs

1 346 548

84.9%

801 502

Cancelled GOs

87 876

220.3%

66 554

Imported GOs

56 198

3447.9%

47 213

Exported GOs

1 456 638

236.6%

655 400

GO Transfers internally

718 761

1200.7%

58 778

Expired GOs

468

-12.7%

91

BALANCING MARKET IN THE BALTIC STATES
Highest and lowest bid prices

 

Estonia

Latvia

Lithuania

 

Upward

Downward

Upward

Downward

Upward

Downward

Highest price, EUR/MWh

1000

335.5

300

10

1017.5

112

Lowest price, EUR/MWh

0

-107

100

-100

64.9

-300

Total activated energy

 

Upward

Downward

 

Total activated energy in June 2024, MWh

Compared to previous month, %

Total activated energy in June 2024, MWh

Compared to previous month, %

Estonia

2 292

21%

5 185

46%

Latvia

3 940

31%

2 624

-59%

Lithuania

9 815

-10%

17 096

-6%

Finland

320

-22%

9 064

61%

Sweden

444

-59%

11 292

32%

Average hourly standard bid size

 

Average hourly standard bid size in June 2024, MW

Compared to previous month, %

Hours with no standard bids in June 2024, %

 

Upward

Downward

Upward

Downward

Upward

Downward

Baltic States

559

250

2%

-1%

0%

0%

Estonia

27

23

-15%

25%

0%

0%

Latvia

49

26

25%

-41%

12%

42%

Lithuania

483

201

1%

5%

0%

4%

In case of any doubts, questions or inaccuracies, please contact us at [email protected]

The information contained in the Market Overview is provided for informational and educational purposes only. Nothing contained in the Market Overview is to be construed or used as a basis for investment or as a basis for any claims against AST. 


Abbreviations and designations used:

LV - Latvia trade area, LT - Lithuania trade area, EE - Estonia trade area, PL - Poland trade area, FI - Finland trade area, SE4 - Sweden's fourth trade area, AT - Austrian trade area, BE - Belgium trade area, DE-LU - German- Luxembourg trade area, FR - France trade area, NL - the Netherlands trade area, DK1 and DK2 - Danish 1. and 2. trade area.

Load = monthly total commercial flow in kWh / monthly total net transfer capacity in kWh ("Net Transfer Capacity" NTC).

The ENTSO-E Transparency Platform is a central collection and publication of electricity generation, transportation and consumption data and information for the pan-European market.

Guarantee of Origin (GO) is an electronic document, that proves the origin of the generated electricity. GOs are uniquely identifiable, transferable, and therefore tradable and used (by cancellation) to provide information of supplied energy to the end-consumer. One GO = 1 MWh generated and injected into the grid that has an expiration of 12 months after the end of the production period.

* Here and in the following review, the electricity produced is the electricity injected into the grid and the electricity consumed is the electricity received from the grid for consumption.

[1] Here as electricity imports are commercial transactions.