Latvian electricity market overview

In November 2025, the average electricity price in the Latvian bidding area increased to EUR 110,94 per megawatt hour (EUR/MWh), which is 6% more than in October, while compared to November 2024, the price is 25% higher.

Highlights in November :

• In November, the volume of electricity produced and delivered to the grid in Latvia increased by 46% compared to October, reaching 491 gigawatt-hours (GWh), which was the highest level of electricity generation since March of this year. Meanwhile, electricity consumption increased by 2% to 649 GWh. As a result, domestic electricity production was able to cover 75.67% of the country’s total electricity consumption, reaching the level last seen in August this year;
• At the Baltic level, Latvia was the only country to record an increase in electricity generation, while production declined in Lithuania and Estonia. At the same time, electricity consumption in Latvia grew more slowly than in neighboring countries;
• In November, electricity generation increased across all production technologies, with the exception of solar power plants. The most pronounced growth was recorded in hydropower generation, which increased by 113% compared to October, driven by higher river inflows. Electricity generation from natural gas–fired power plants also rose significantly, increasing by 47%, while wind power generation expanded by 31%.
• In November, average electricity prices in the Baltic states increased by an average of 6% compared to October, reflecting the overall rise in electricity prices across Europe. The average electricity price in Latvia and Lithuania rose by 5,6% to 110,94 EUR/MWh, the highest level since February, while in Estonia the price increased by 7% to 95,93 EUR/MWh. Meanwhile, in most European bidding zones the price increase was much steeper;
• The price difference between Latvia’s and Lithuania’s electricity prices and those in Estonia continues to be affected by transmission line maintenance works in Estonia, which limit the ability to transport cheaper Finnish electricity from Estonia to Latvia. According to the planned maintenance schedule, the works are expected to be completed in early 2027;
• Price increases in the Baltic states were primarily driven by lower air temperatures, which led to higher electricity consumption, as well as significant volatility in renewable energy generation. In November, there was a clear direct correlation between the volume of electricity produced by wind farms and electricity prices: on days with low wind generation, electricity prices reached pronounced peaks, while during periods of high production, prices dropped significantly. A similar trend was observed on sunny days – when production in solar power plants increased, midday electricity prices were lower in certain hours compared to cloudy days;
• Electricity imports to the Baltic states in November reached the highest level since July 2023, increasing by 33,4% compared to October. Imports from Sweden increased the fastest – by 71,6%. Electricity imports from Finland grew by 19,2%, while imports from Poland declined by 24,1%;
• The number of 15-minute intervals with negative electricity prices increased to 14 intervals in both Latvia and Lithuania, while in Estonia it decreased to 29;
• In November, the number of operations carried out in the Latvian GO Register decreased significantly – the number of issued Guarantees of Origin (GOs) fell by 67% compared to October, the number of cancelled GOs decreased by 84%, and the number of exported and internally transferred GOs dropped by 81% and 88% respectively.

Raw data can be downloaded here.

Electricity production and consumption balance in Latvia*

* 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.

** Battery Energy Storage Systems (BESS) are not considered a production type, as they store electricity received from the grid. When this electricity is fed back into the grid, it is included in the total production. 

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

Balance of the electricity production and consumption in the Baltic States

Interconnection load and electricity prices

*Historical data up to 1 October 2025 for periods with negative electricity prices have been mathematically recalculated into 15-minute intervals for comparison purposes.

Price comparison between neighbouring bidding areas

Load of the Baltic States interconnections

Electricity import to the Baltic States  [5]

GUARANTEES OF ORIGIN (GOs)

Statistics of the activity in the Latvia Domain for GOs

BALANCING MARKET IN THE BALTIC STATES

Imbalance prices in the Baltic States

Highest and lowest bid prices

Total activated energy

Average 15 minutes standard bid size

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.