Price stability is expected in the natural gas market next year, and prices are likely to continue declining, LETA was told by Dāvis Skulte, head of the energy company Elenger.
He noted that this year was a year of stabilization for the energy sector. After the fluctuations of previous years in both the natural gas and electricity markets, prices have decreased significantly this year and have stabilized. Due to increased supply—mainly from the United States and Qatar—natural gas prices have become markedly lower, and this trend is likely to continue next year as well. This means direct benefits for consumers and a more predictable environment for businesses.
Overall, a more rational approach to climate goals has also emerged in the market this year, with growing emphasis not only on ambitious plans but also on solutions that have actually been implemented, their real costs, and their impact on end consumers. “This encourages companies and policymakers to look for practical, economically justified solutions that are genuinely feasible under market conditions,” Skulte said.
He predicted that natural gas consumption next year will remain stable, but there is likely no basis for forecasting growth. The Baltic states continue to experience relatively mild winters, as can also be seen at the end of this year, which explains why gas consumption is not increasing.
“The good news for consumers is that price stability awaits us in the gas market. Prices are likely to continue falling, which means that both households and businesses will increasingly discuss choosing natural gas specifically for heating,” Skulte said.
He added that in 2026 the key challenges in the electricity and natural gas markets will be related to stimulating consumption. The sector has broad growth potential, but the justification for major investments—such as infrastructure projects—and further sectoral development is possible only if there is an economic rationale, namely if overall energy consumption increases. In Latvia, electricity and natural gas consumption per capita remains among the lowest in the European Union, directly reflecting the country’s economic conditions.
“If previously the main challenges were related to the volume and availability of natural gas supplies, the current focus is on stimulating demand and increasing consumption. This, in turn, raises a broader issue: the state must think about strengthening overall economic activity to create a foundation for the development of the energy market,” Skulte said.
Overall, he noted that next year will be stable for the energy sector, with further price reductions and an increasing emphasis on local, renewable energy resources and energy storage solutions.
According to information from Firmas.lv, Elenger’s turnover last year amounted to €67.068 million, down 21.3% year-on-year, while the company’s profit fell by 49.1% to €1.97 million.
Elenger was registered in 2017 with share capital of €2,800 and is owned by Estonia-registered Eesti Gaas. The company’s main supply partners are the international energy groups Vitol and Total, as well as Norway-based Equinor.
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