April's electricity prices in Latvia were lowest in three years

In April, the average monthly electricity price in Latvia continued to decrease, dropping to 60.25 euros per megawatt-hour (MWh), the lowest price since May 2021, electricity transmission operator JSC “High Voltage Network” reported.

In April, the price of electricity was 12% lower than in March and 9% lower than a year ago.

According to the market review of the Latvian transmission system operator “High Voltage Network”, a similar trend was observed in the neighboring countries. In Lithuania, the electricity price level was identical to in Latvia, while in Estonia the average monthly price was slightly higher – EUR 60.39 per MWh.

The drop in electricity prices was driven by the high performance of solar, wind and hydropower plants, as well as warmer weather, which contributed to the decrease in electricity consumption. In the first weeks of the month, Latvia, the Baltics and Nordic countries also saw a negative electricity price.

In April, the interconnected electricity trading areas of the Baltic States showed different trends relative to the average electricity price. In Finland and Sweden zone 4, the price decreased by 18%, respectively, or to 48.92 euros per MWh, and by 4%, or to 53.79 euros per MWh, while in Poland the price rose by 7%, or to 80.87 euros per MWh.

In April, compared to March, electricity imports to the Baltic States decreased by 2.5% overall, although imports from Poland increased by 1.3% and Finland by 19.1%, but decreased from Sweden's 4th region by 12.7%. Imported electricity to the Baltic States continues to shrink, reaching its lowest level since November 2023.

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