Latvia Achieved Highest Electricity Production Since 2011 and Lowest Prices Since June 2021

In April, the highest volume of electricity production since 2011 was reached in Latvia, while the lowest price was reached since June 2021, reports the state JSC High voltage network (AST) media representative Andris Sprogis.

In April, the average monthly price of electricity fell to 65.89 euros per megawatt hour (MWh). At the same time, the highest amount of electricity production in 12 years was achieved – a total of 985 gigawatt hours (GWh) of electricity was produced. This is 16% more than in March, 49% more than in April 2022, according to the electricity market review prepared by the Latvian transmission system operator AST.

In terms of volume, the largest increase in production volume can be observed in the Daugava HPP cascade, where 892 GWh of electricity has been produced in three power stations.

This is the largest volume produced by the Daugava HPP cascade since April 2010.

The increase compared to March is 58%, compared to last April – 61%.

During the year, the amount of electricity produced by solar power plants increased significantly – almost five times. In April, compared to March, there is an increase of 247%.

Already since the beginning of the year, a surplus of produced electricity has been observed in Latvia, and

in April, 184% of the electricity needed in the country was produced.

The surplus, 449 GWh, has been exported to neighboring countries – Lithuania and Estonia.

Taking into account the increase in the volume of electricity exported by Latvia, the import of electricity to the Baltic States from the European Union decreased by 27.8% in April compared to March. Imports decreased both from Poland (by 66.8%), and also from the Nordic countries – from Finland by 32.6% and from Sweden – by 16.3%.

This year, after breaking records in 2022, electricity prices continue to decrease not only in Latvia and the Baltics, but also elsewhere in Europe: in April, prices ranged from 60.55 euros per MWh in Finland to 122.09 euros per MWh in Poland. While last August, when the historically highest price level was recorded, the price of one megawatt hour of electricity was on average four times higher – from 261.49 euros in Finland to 493.84 euros in Austria.

The decrease in electricity prices was mainly due to lower gas prices, which reached a record high level last year.

Read also: Approved Distribution network and electricity distribution and transmission tariffs specified by AST