Latvian electricity market overview

In March 2024, the average electricity price in the Latvian bidding area decreased to EUR 68,21 per megawatt hour (EUR/MWh), which is 9% less than in February, while compared to March 2023, the price is 22% lower.

Highlights in March :
  • The average monthly electricity price in Latvia fell to 68,21 EUR/MWh, the lowest level since April last year, when it was only slightly lower. A similar trend was also observed in neighbouring countries: in Lithuania, the price level was identical to Latvia, while in Estonia the average monthly price was slightly higher at 68,26 EUR/MWh;
  • In the Baltic interconnected trading areas, March showed different trends in relation to the average electricity price: in Finland and Sweden's 4th Zone the price increased, by 15% to 59,38 EUR/MWh and by 14% to 56,05 EUR/MWh respectively, while in Poland the price decreased by 1% to 75,36 EUR/MWh;
  • The fall in electricity prices was driven by lower gas prices, as well as warmer weather, which contributed to lower electricity consumption, and more intense flooding, which increased the inflow of water into rivers and consequently increased electricity production at hydroelectric power plants;
  • In March, compared to February, electricity imports to the Baltic countries decreased by 19% - from Poland by 25%, from Sweden's 4th Zone and from Finland by 17%, and compared to March 2023, imports to the Baltics decreased by 25%. Overall, electricity imports to the Baltics have been declining for four months and in March were almost 2 times lower than in December 2023;
  • In March, a total of 694 992 GOs were issued in the Latvian Domain for GOs, 435% more than in February.

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 22.04.2024.

Interconnection load and electricity prices

Bidding area

Average price in March 2024, EUR/MWh

Compared to previous month, %

Average price in March 2023, EUR/MWh

Lowest hourly price in March 2024, EUR/MWh

Highest hourly price in March 2024, EUR/MWh

Lowest daily price in March 2024, EUR/MWh

Highest daily price in March 2024, EUR/MWh

NPS Finland

59.38

15%

74.17

-0.11

199.99

21.14

93.50

NPS Estonia

68.26

-10%

87.18

0.56

483.03

24.80

129.02

NPS Latvia

68.21

-9%

87.77

0.56

483.03

24.80

129.02

NPS Lithuania

68.21

-9%

88.69

0.56

483.03

24.80

129.02

NPS Sweden (SE4)

56.05

14%

81.80

-0.11

172.15

24.06

85.38

Poland

75.36

-1%

120.44

0.03

149.75

39.29

96.62

Price comparison between neighbouring bidding areas

Comparable bidding areas

Hours with the same price in March 2024, %

Compared to previous month (percentage points)

Hours with the same price in March 2023, %

NPS FI & EE

51.4%

29.1

71.6%

NPS EE & LV

99.3%

1.6

96.9%

NPS LV & LT

100.0%

0.0

95.6%

NPS LT & SE4

47.9%

34.1

77.4%

Load of the Baltic States interconnections

Interconnection

Average load in March 2024, %

Compared to previous month (percentage points)

Lowest daily load in March 2024, %

Highest daily load in March 2024, %

LV -> LT

21.6%

12.4

0.7%

65.1%

EE -> LV

0.7%

0.3

0.0%

3.1%

LT -> LV

3.4%

-10.4

0.0%

13.5%

PL->LT

37.6%

-8.4

0.0%

90.6%

LT->PL

36.6%

16.8

0.0%

100.0%

SE4->LT

76.6%

-21.3

17.9%

100.0%

FI->EE

64.5%

-16.3

0.0%

100.0%

LV>EE

28.7%

-0.5

0.2%

83.3%

EE>FI

16.4%

5.2

0.0%

87.8%

LT>SE4

0.8%

0.8

0.0%

11.4%

Electricity import to the Baltic States

 

March 2024, MWh

Compared to previous month, %

March 2023, MWh

Import from third countries

0

0.0%

0

Import from EU countries, including:

679 139

-18.7%

900 165

From Poland

117 523

-25.4%

31 383

From Sweden

395 503

-17.1%

328 001

From Finland

166 114

-17.5%

540 781

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

Transaction type

March 2024, MWh

Compared to previous month, %

March 2023, MWh

Issued GOs

694 992

434.8%

918 201

Cancelled GOs

126 717

128.3%

52 527

Imported GOs

78 760

40.9%

22 597

Exported GOs

525 755

613.5%

810 408

GO Transfers internally

318 019

146.3%

508 442

Expired GOs

-

-100.0%

-

BALANCING MARKET IN THE BALTIC STATES
Highest and lowest bid prices

 

Estonia

Latvia

Lithuania

 

Upward

Downward

Upward

Downward

Upward

Downward

Highest price, EUR/MWh

533

434.7

500

50

990

87

Lowest price, EUR/MWh

28.56

-36.72

50

0.01

1

-273.3

Total activated energy

 

Upward

Downward

 

Total activated energy in March 2024, MWh

Compared to previous month, %

Total activated energy in March 2024, MWh

Compared to previous month, %

Estonia

1 469

34%

3 533

34%

Latvia

2 644

51%

6 437

116%

Lithuania

11 239

23%

20 167

55%

Finland

549

-5%

8 042

38%

Sweden

1 220

460%

13 395

82%

Average hourly standard bid size

 

Average hourly standard bid size in March 2024, MW

Compared to previous month, %

Hours with no standard bids in March 2024, %

 

Upward

Downward

Upward

Downward

Upward

Downward

Baltic States

574

232

1%

-5%

0%

0%

Estonia

23

14

21%

-16%

0%

1%

Latvia

32

35

-2%

15%

46%

45%

Lithuania

519

183

1%

-7%

0%

2%

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).

Nord Pool is a Nordic electricity exchange where, based on market principles, the electricity price of the Latvian trading area is determined.

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.