How much does electricity cost in Latvia in 2025?

In June 2025, the average electricity price in the Latvian bidding area decreased to EUR 43,06 per megawatt hour (EUR/MWh), which is 37% less than in May, while compared to June 2024, the price is 53% lower.

What timezone is electricity in Latvia?

Timezone is Central European Time (CET) with Daylight Saving Time (DST). Current time: Thu, 07 Nov 2024 22:04 Data source is Electricity spot prices in Latvia today, hour by hour. Including prices for the last 30 days.

Are electricity prices rising in Latvia?

Electricity prices have surged in Latvia since 2021. On the Nordpool exchange, they rose from a typical 50 EUR/MWh in the first half of 2021 to 200 EUR/MWh in October 2022. Within a year and a half, the rise in electricity prices is impressive – they have quadrupled (see Figure 1).

How does Nordpool affect electricity prices in Latvia?

As the Nordpool prices grew, the share of electricity prices also increased in household bills – up to 70%, overshadowing other components of the final bill. The average bill for an ordinary household in Latvia has increased 2.4 times – from 16 EUR on average in 2020 to 40 EUR in September 2022 (per 100 kWh) .

Why is Latvia introducing the electricity price cap?

The extremely sharp increase in electricity prices urged governments across Europe to support households and compensate some of the electricity costs. The Latvian government has decided to compensate the CPC and to introduce the electricity price cap from October 2022 to April 2023.

Why does Latvia import and export electricity?

Latvia's connection to neighboring countries enables it to import and export electricity, depending on demand and supply dynamics. The interconnectivity with neighboring countries not only ensures a stable electricity supply but also encourages competition and price regulation in the market.