In June 2025, the average electricity price in the Latvian bidding area decreased to EUR 43,06 per megawatt hour (EUR/MWh), which is 37% less than in May, while compared to June 2024, the price is 53% lower.
Highlights in June :
- Electricity prices in June decreased in all three Baltic countries – in Latvia by 36,56 % and in Lithuania by 36,32 %, with both countries reaching a similar price level of 43,06 EUR/MWh and 43,07 EUR/MWh, respectively. In Estonia, the price dropped by 38,65 %, to 41,48 EUR/MWh. In Latvia, this was the lowest electricity price since November 2020.
- According to information provided by the Finnish transmission system operator, the EstLink 2 interconnection was restored to operation on 19 June 2025, which has contributed to an increase in electricity imports from Finland.
- In June, electricity imports to the Baltics decreased significantly. Compared to May, imports from European Union countries declined by 14 %, while compared to June 2024 – by 43,6 %. The most significant decrease was recorded in imports from Poland – by 40,9 %, and from Sweden – by 29,6 %. Meanwhile, imports from Finland increased by 13 %.
- The number of negative electricity price hours in the Baltic countries increased sharply in June 2025. Compared to the previous month, the number rose by 174 % in Latvia, by 133 % in Lithuania, and by 196 % in Estonia. In comparison to June 2024, the number of negative price hours increased by 294 % in both Latvia and Lithuania, and by 325 % in Estonia.
- In 2025, a total of 1 562 321 Guarantees of Origin (GOs) have been issued in the Latvian GO Register, which is 52 % less than in the first six months of 2024. At the same time, a significant increase in GO exports has been observed – in June alone, exports rose by 87 % compared to the previous month.
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 20.06.2025.
Interconnection load and electricity prices
| Bidding area | Average price in June 2025, EUR/MWh | Compared to previous month, % | Average price in June 2024, EUR/MWh | Lowest hourly price in June 2025, EUR/MWh | Highest hourly price in June 2025, EUR/MWh | Lowest daily price in June 2025, EUR/MWh | Highest daily price in June 2025, EUR/MWh |
|---|---|---|---|---|---|---|---|
| NPS Finland | 18.58 | 2% | 36.06 | -21.39 | 299.90 | -2.34 | 123.57 |
| NPS Estonia | 41.48 | -39% | 91.73 | -21.71 | 299.90 | -2.34 | 133.52 |
| NPS Latvia | 43.06 | -37% | 91.73 | -23.58 | 258.00 | -2.61 | 133.52 |
| NPS Lithuania | 43.07 | -36% | 91.73 | -23.58 | 258.00 | -2.61 | 133.52 |
| NPS Sweden (SE4) | 37.14 | -33% | 55.54 | -25.30 | 211.76 | -2.74 | 70.45 |
| Poland | 81.48 | -13% | 105.46 | -132.95 | 427.76 | 39.55 | 126.37 |
Price comparison between neighbouring bidding areas
| Comparable bidding areas | Hours with the same price in June 2025, % | Compared to previous month (percentage points) | Hours with the same price in June 2024, % |
|---|---|---|---|
| NPS FI & EE | 13.8% | -20.0 | 31.3% |
| NPS EE & LV | 78.6% | 98.3 | 100.0% |
| NPS LV & LT | 99.9% | 98.1 | 100.0% |
| NPS LT & SE4 | 5.1% | 3.6 | 18.6% |
Load of the Baltic States interconnections
| Interconnection | Average load in June 2025, % | Compared to previous month (percentage points) | Lowest daily load in June 2025, % | Highest daily load in June 2025, % |
|---|---|---|---|---|
| LV -> LT | 21.5% | 14.8 | 0.0% | 56.1% |
| EE -> LV | 24.1% | 19.2 | 0.0% | 67.3% |
| LT -> LV | 12.5% | -24.0 | 0.0% | 53.2% |
| PL->LT | 21.7% | -7.4 | 0.0% | 65.2% |
| LT->PL | 71.7% | 31.1 | 0.0% | 100.0% |
| SE4->LT | 43.8% | -36.6 | 0.0% | 95.9% |
| FI->EE | 64.8% | -14.0 | 0.0% | 100.0% |
| LV>EE | 8.4% | -14.1 | 0.0% | 45.8% |
| EE>FI | 10.2% | 6.1 | 0.0% | 36.5% |
| LT>SE4 | 15.4% | 14.3 | 0.0% | 65.6% |
Electricity import to the Baltic States [1]
| June 2025, MWh | Compared to previous month, % | June 2024, MWh | |
|---|---|---|---|
| Import from EU countries, including: | 492 068 | -14.0% | 872 148 |
| From Poland | 23 735 | -40.9% | 180 650 |
| From Sweden | 219 912 | -29.6% | 473 885 |
| From Finland | 248 421 | 13.0% | 217 613 |
GUARANTEES OF ORIGIN (GOs)
Statistics of the activity in the Latvia Domain for GOs
| Transaction type | June 2025, MWh | Compared to previous month, % | June 2024, MWh |
|---|---|---|---|
| Issued GOs | 267 653 | -20.9% | 1 346 548 |
| Cancelled GOs | 27 546 | -68.3% | 87 876 |
| Imported GOs | 20 811 | -45.7% | 56 198 |
| Exported GOs | 230 796 | 87.2% | 1 456 638 |
| GO Transfers internally | 96 940 | 57.4% | 718 761 |
| Expired GOs | 2 282 | 65.2% | 468 |
BALANCING MARKET IN THE BALTIC STATES
Highest and lowest bid prices
| Estonia | Latvia | Lithuania | ||||
|---|---|---|---|---|---|---|
| Upward | Downward | Upward | Downward | Upward | Downward | |
| Highest mFRR price, EUR/MWh | 1500 | 288.16 | 3000 | 90 | 479.62 | 108 |
| Lowest mFRR price, EUR/MWh | -25.72 | -999 | -1499 | -1499 | 0 | -450 |
| Highest aFRR price, EUR/MWh | 400 | 100 | 260 | 148 | 900 | 0 |
| Lowest aFRR price, EUR/MWh | 9.5 | -273 | -22 | -999 | 0 | -300 |
Total activated energy
| Upward | Downward | |||
|---|---|---|---|---|
| Activated energy in June 2025, MWh | Compared to previous month, % | Activated energy in June 2025, MWh | Compared to previous month, % | |
| Estonia mFRR | 4 482 | 30% | 20 003 | 41% |
| Latvia mFRR | 2 107 | -1% | 8 653 | 112% |
| Lithuania mFRR | 7 043 | -69% | 40 395 | 68% |
| Estonia aFRR | 2 176 | 20% | 4 516 | 67% |
| Latvia aFRR | 5 674 | 45% | 8 884 | 213% |
| Lithuania aFRR | 1 353 | -82% | 2 417 | -78% |
Average 15 minutes standard bid size
| Average 15 minutes standard bid size in June 2025, MW | Compared to previous month, % | 15 minutes with no standard bids in June 2025, % | ||||
|---|---|---|---|---|---|---|
| Upward | Downward | Upward | Downward | Upward | Downward | |
| Estonia mFRR | 29 | 103 | -26% | 36% | 0% | 0% |
| Latvia mFRR | 20 | 21 | 86% | 22% | 0% | 8% |
| Lithuania mFRR | 648 | 648 | -7% | 7% | 0% | 0% |
| Estonia aFRR | 17 | 25 | 7% | 26% | 0% | 0% |
| Latvia aFRR | 47 | 46 | 44% | 118% | 0% | 0% |
| Lithuania aFRR | 15 | 18 | -75% | -70% | 0% | 0% |
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.