Electricity prices dropped 36% in February in Latvia

In February 2024, the average price of electricity in the Latvian trading area decreased to EUR 74.78 per megawatt-hour (MWh), which is 36% lower than in January and by 34% lower than in February a year ago.

February has reached the lowest level of electricity price since May 2023, according to the Latvian electricity market Review prepared by the Latvian transmission system operator State AS “High voltage Network” (Augstsprieguma tīkls, AST) on March 4.

Electricity prices in all three Baltic States decreased in February - in Estonia by 40% or to 75.52 euros/MWh, while in Lithuania, as in Latvia, by 36% or to 74.78 euros/MWh, the lowest price since May 2023.

The decrease in prices was mainly driven by warmer weather conditions, which contributed to the decrease in electricity consumption, lower gas price, and flood in Latvian rivers, which contributed to more electricity development in hydroelectric power plants.

Comparing the volume of imported electricity to the Baltic States with the previous month, it has decreased by 18% overall.

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