The average electricity price in the Latvian trading area of the Nord Pool power exchange reached 414.12 euros per megawatt-hour (MWh), or 0.414 euros per kilowatt-hour (kWh), on Monday, according to information published on the Nord Pool website.
The maximum electricity price on Monday will reach 669.01 euros per MWh, or 0.669 euros per kWh, between 5:45 p.m. and 6 p.m., while the lowest price of 218.98 euros per MWh, or 0.219 euros per kWh, was recorded overnight between 5:30 a.m. and 5:45 a.m.
On Tuesday, the 10th of November, the average electricity price in Latvia’s trading area will be 409.31 euros per MWh, or 0.409 euros per kWh.
The maximum electricity price will reach 631.88 euros per MWh, or 0.632 euros per kWh, between 5 p.m. and 5:15 p.m.
For comparison, the average Nord Pool electricity price in Latvia’s trading area in 2025 was 85.72 euros per MWh, or 0.086 euros per kWh.
Gatis Junghāns, a board member of Latvia’s electricity transmission system operator Augstsprieguma tīkls (AST), previously told the LETA news agency that
the average wholesale electricity price in Latvia during the first five days of November was 255 euros per MWh, more than twice the average price recorded in October.
Junghāns explained that a sharp increase in electricity prices was observed across Europe in early November.
The main factor was rising natural gas prices on international markets caused by the conflict in Iran, which increased electricity generation costs at thermal power plants.
As colder weather arrived, these plants became increasingly necessary to meet growing electricity demand and compensate for declining renewable energy generation.
“Latvia’s largest natural gas-fired power plant, Riga TEC-2, also resumed operations at the end of October. While solar and wind power plants generated 40% of the electricity consumed in the Baltic region in October, their contribution has fallen to just 20% so far in November,” Junghāns said.
He added that,
so far in November, the Baltic states have imported approximately one-third of their electricity requirements from the Nordic electricity market, where prices are lower, particularly in Finland.
However, Junghāns explained that the capacity of electricity interconnections is insufficient to fully replace expensive thermal power generation with cheaper imported electricity.
AST Group’s turnover last year amounted to 355.824 million euros, an increase of 37.6% compared with 2024, while the group’s profit rose by 29% to 29.252 million euros.
The parent company’s turnover increased by 72.7% to 266.008 million euros, while its profit grew by 32.1% to 19.496 million euros.
AST is Latvia’s independent electricity transmission system operator. The company is state-owned, and its bonds are listed on the Nasdaq Riga debt securities market.