In May 2025, the average electricity price in the Latvian bidding area decreased to EUR 67,88 per megawatt hour (EUR/MWh), which is 12% less than in April, while compared to May 2024, the price is 10% lower.
Highlights in May :
- In May, the volume of electricity produced and injected into the grid in Latvia decreased by 5%, reaching 399 GWh, while electricity consumption remained unchanged compared to April – at 562 GWh. As a result, domestic electricity production was able to cover 71,01% of the country’s total electricity consumption;
- In May, the largest increase in electricity generation in Latvia was observed at hydropower plants – their output grew by 10%, reaching 250,6 GWh. This growth can be attributed to significantly higher precipitation – according to the Latvian Environment, Geology and Meteorology Centre, 84,7 mm of precipitation were recorded in May, which is 68% above the monthly norm, making it the sixth wettest May on record (since 1924;
- Despite the high amount of rainfall, the volume of electricity produced and injected into the grid by solar power plants continued to increase, reaching a new historical record of 84,5 GWh. Meanwhile, the most significant drop in electricity generation – by 73% – was observed at natural gas power plants, which produced 17,1 GWh in May.;
- Electricity prices in May decreased in all three Baltic countries – in Latvia by 12,28 %, to 67,88 EUR/MWh, in Lithuania by 9,33 %, to 67,63 EUR/MWh, and in Estonia by 7,71 %, to 67,62 EUR/MWh. In Latvia, this was the lowest electricity price since April 2024;
- In May, electricity imports to the Baltics from Finland increased significantly – by 52,9 %, which in turn contributed to the reduction of average electricity prices. Imports from Sweden rose by 5,3 %, while imports from Poland remained unchanged;
- Imports from Finland are expected to increase after 25 June, when the repair of the EstLink 2 interconnection between Estonia and Finland is planned to be completed – two months earlier than initially reported. This interconnection has been unavailable since its outage at the end of last year, reducing the total transmission capacity between the two countries almost threefold – from 1 016 MW to only 358 MW, and similarly decreasing the import volume from Finland to the Baltics;
- In 2025, a total of 1 294 668 Guarantees of Origin (GOs) have been issued in the Latvian GO Register, which is 26 % less than in the first five months of 2024.
Raw data can be downloaded here.
Electricity production and consumption balance in Latvia*
| Production type | May 2025, MWh | Compared to the previous month, % | May 2024, MWh |
|---|---|---|---|
| Hydro | 250 653 | 10% | 380 643 |
| Fossil Gas | 17 122 | -73% | 3 664 |
| Wind | 15 750 | -10% | 13 879 |
| Biomass | 20 403 | -12% | 20 960 |
| Biogas | 11 238 | 2% | 13 700 |
| Solar | 84 505 | 9% | 61 729 |
| Total production, including: | 399 671 | -5% | 494 575 |
| – In transmission grid | 278 341 | -8% | 390 593 |
| – In distribution grid [1] | 121 330 | 4% | 103 982 |
* 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.
| May 2025, MWh | Compared to the previous month, % | May 2024, MWh | |
|---|---|---|---|
| Electricity import to Latvian electricity grid [2] | 266 784 | -6% | 276 080 |
| Export from Latvian electricity grid [3] | 103 642 | -27% | 233 716 |
| Net exchange | 163 142 (deficit) | 14% | 42 364 (deficit) |
| May 2025, MWh | Compared to the previous month | May 2024, MWh | |
|---|---|---|---|
| Electricity consumption in Latvia [4] | 562 813 | 0% | 536 939 |
| Electricity consumption covered by local generation* | 71% | -4 (percentage points) | 92% |
Balance of the electricity production and consumption in the Baltic States
| May 2025, MWh | Compared to the previous month, % | May 2024, MWh | ||||
|---|---|---|---|---|---|---|
| Production | Consumption | Production | Consumption | Production | Consumption | |
| Baltic States | 1 698 230 | 2 086 694 | -5% | 1% | 1 566 182 | 2 029 939 |
| Estonia | 419 369 | 601 570 | -11% | -2% | 429 241 | 594 505 |
| Latvia | 399 671 | 562 813 | -5% | 0% | 494 575 | 536 939 |
| Lithuania | 879 190 | 922 312 | -2% | 3% | 642 366 | 898 495 |
Interconnection load and electricity prices
| Bidding area | Average price in May 2025, EUR/MWh | Compared to previous month, % | Average price in May 2024, EUR/MWh | Lowest hourly price in May 2025, EUR/MWh | Highest hourly price in May 2025, EUR/MWh | Lowest daily price in May 2025, EUR/MWh | Highest daily price in May 2025, EUR/MWh |
|---|---|---|---|---|---|---|---|
| NPS Finland | 18.26 | -62% | 35.19 | -16.59 | 158.78 | -2.87 | 102.82 |
| NPS Estonia | 67.62 | -8% | 75.79 | -12.19 | 339.99 | 24.01 | 148.56 |
| NPS Latvia | 67.88 | -12% | 75.80 | -12.19 | 339.99 | 24.01 | 148.56 |
| NPS Lithuania | 67.63 | -9% | 75.80 | -12.19 | 339.99 | 24.01 | 148.56 |
| NPS Sweden (SE4) | 55.08 | 4% | 43.49 | -12.92 | 219.24 | 17.67 | 103.38 |
| Poland | 94.06 | 9% | 85.55 | -128.74 | 354.28 | 52.59 | 117.64 |
Price comparison between neighbouring bidding areas
| Comparable bidding areas | Hours with the same price in May 2025, % | Compared to previous month (percentage points) | Hours with the same price in May 2024, % |
|---|---|---|---|
| NPS FI & EE | 13.8% | 34.2 | 27.4% |
| NPS EE & LV | 98.3% | 78.5 | 99.9% |
| NPS LV & LT | 98.1% | 92.1 | 100.0% |
| NPS LT & SE4 | 3.6% | 5.0 | 31.6% |
Load of the Baltic States interconnections
| Interconnection | Average load in May 2025, % | Compared to previous month (percentage points) | Lowest daily load in May 2025, % | Highest daily load in May 2025, % |
|---|---|---|---|---|
| LV -> LT | 6.6% | -0.1 | 0.0% | 39.8% |
| EE -> LV | 14.5% | 9.6 | 0.0% | 40.8% |
| LT -> LV | 24.4% | -12.2 | 0.0% | 70.3% |
| PL->LT | 33.0% | 3.9 | 0.0% | 81.7% |
| LT->PL | 55.4% | 14.8 | 4.6% | 97.7% |
| SE4->LT | 61.9% | -18.4 | 1.3% | 97.4% |
| FI->EE | 82.5% | 3.7 | 4.2% | 100.0% |
| LV>EE | 4.0% | -18.6 | 0.0% | 16.2% |
| EE>FI | 5.5% | 1.3 | 0.0% | 30.9% |
| LT>SE4 | 6.5% | 5.4 | 0.0% | 38.2% |
Electricity import to the Baltic States [5]
| May 2025, MWh | Compared to previous month, % | May 2024, MWh | |
|---|---|---|---|
| Import from EU countries, including: | 481 018 | -22.6% | 662 059 |
| From Poland | 40 797 | -15.0% | 119 091 |
| From Sweden | 296 457 | -17.3% | 345 168 |
| From Finland | 143 764 | -33.1% | 197 800 |
GUARANTEES OF ORIGIN (GOs)
Statistics of the activity in the Latvia Domain for GOs
| Transaction type | May 2025, MWh | Compared to previous month, % | May 2024, MWh |
|---|---|---|---|
| Issued GOs | 338 301 | 89.8% | 728 118 |
| Cancelled GOs | 87 009 | -10.0% | 27 432 |
| Imported GOs | 38 341 | -10.5% | 1 584 |
| Exported GOs | 123 294 | 12.4% | 432 801 |
| GO Transfers internally | 61 601 | -0.3% | 55 260 |
| Expired GOs | 1 381 | -54.3% | 536 |
BALANCING MARKET IN THE BALTIC STATES
Imbalance prices in the Baltic States
| Country | Imbalance price in May 2025, EUR/MWh | Compared to previous month, % | Imbalance price in May 2024, EUR/MWh |
|---|---|---|---|
| Latvia | 80.61 | 13% | 71.67 |
Highest and lowest bid prices
| Estonia | Latvia | Lithuania | ||||
|---|---|---|---|---|---|---|
| Upward | Downward | Upward | Downward | Upward | Downward | |
| Highest mFRR price, EUR/MWh | 792.99 | 261.96 | 999 | 499 | 658.9 | 319.99 |
| Lowest mFRR price, EUR/MWh | -15.61 | -1001 | -101 | -999 | 0 | -150 |
| Highest aFRR price, EUR/MWh | 777 | 377 | 350 | 145 | 900 | 92.9 |
| Lowest aFRR price, EUR/MWh | 9 | -151 | -10 | -900 | 0 | -300 |
Total activated energy
| Upward | Downward | |||
|---|---|---|---|---|
| Activated energy in May 2025, MWh | Compared to previous month, % | Activated energy in May 2025, MWh | Compared to previous month, % | |
| Estonia mFRR | 3 450 | 15% | 14 177 | -38% |
| Latvia mFRR | 2 136 | 32% | 4 074 | -34% |
| Lithuania mFRR | 23 004 | 31% | 24 081 | -11% |
| Estonia aFRR | 1 820 | -13% | 2 699 | 1% |
| Latvia aFRR | 3 921 | -11% | 2 834 | 11% |
| Lithuania aFRR | 7 732 | 75% | 11 025 | 54% |
Average 15 minutes standard bid size
| Average 15 minutes standard bid size in May 2025, MW | Compared to previous month, % | 15 minutes with no standard bids in May 2025, % | ||||
|---|---|---|---|---|---|---|
| Upward | Downward | Upward | Downward | Upward | Downward | |
| Estonia mFRR | 39 | 76 | -16% | -29% | 0% | 0% |
| Latvia mFRR | 11 | 18 | -19% | -21% | 30% | 12% |
| Lithuania mFRR | 694 | 607 | 7% | 4% | 0% | 0% |
| Estonia aFRR | 16 | 20 | 31% | 39% | 3% | 1% |
| Latvia aFRR | 33 | 21 | 17% | 21% | 0% | 17% |
| Lithuania aFRR | 60 | 60 | 65% | 65% | 1% | 1% |
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.