Latvia's electricity price to reach 49.72 cents per kWh with VAT on Monday
On 9 November, Latvia's average exchange electricity price will be about 49.72 cents per kilowatt-hour including VAT, nearly four times the level of 5 November. The most expensive hour will be in the evening, from 6 pm to 7 pm.
On Monday, 9 November, the average daily electricity price on the Nord Pool exchange in Latvia will reach about 41.09 cents per kilowatt-hour excluding VAT, or 49.72 cents with VAT. The increase affects households with exchange-price contracts. For comparison, the average on 5 November was 10.99 cents per kilowatt-hour before VAT, meaning the price has risen almost fourfold in a few days.
Hour-by-hour prices
The cheapest hour will be at the start of the day, from midnight to 1 am, at an average of 25.26 cents per kilowatt-hour. From 1 am to 7 am prices will mostly stay between 32 and 35 cents. Prices will climb in the morning: 54.63 cents from 8 am to 9 am and 56.01 cents from 10 am to 11 am.
The most expensive period begins in the afternoon. From 4 pm to 5 pm the price will be 74.74 cents, from 5 pm to 6 pm 73.29 cents, and the daily peak of 75.95 cents is expected from 6 pm to 7 pm. In the following two hours prices will be 68.30 and 64.31 cents. All these figures include VAT but not the distribution fee or the supplier's markup.
Why prices are rising
Between 1 and 8 November, the average exchange price in Latvia was about 31.62 cents per kilowatt-hour with VAT, roughly four times the level of the same period in early October. According to AST, Latvia's transmission system operator, the October average was 112.56 euros per megawatt-hour, 4% more than in September.
Prices depend on consumption, the cost of generating or importing power, and gas and CO₂ allowance costs. November brings less solar energy, while colder weather increases demand. On Monday the average price will be about 410.90 euros per megawatt-hour in Latvia, 412.15 in Lithuania and 201.23 in Estonia. Such gaps appear when transmission capacity between price zones is insufficient.
What consumers are advised to do
Households are advised to shift heavy consumption, such as washing machines, dishwashers, water heaters and electric car charging, to the night or early morning. Using large appliances between 4 pm and 9 pm should be avoided in particular. People who do not want to follow exchange prices may consider a fixed-price contract, but should first check its term, the supplier's fee and any penalty for early termination.
