Baltic Electricity Prices Surge in Early November, Latvia's Daily Average Tops €400 per MWh

Wholesale electricity prices in the Baltic states – Latvia, Lithuania and Estonia – have risen sharply in the first days of November. On some days the daily average in Latvia and Lithuania exceeded €300 per megawatt-hour (MWh), and on Monday, 9 November, it reached €414.12 per MWh, or about €0.414 per kilowatt-hour, in Latvia's trading area on the Nord Pool exchange. Energy company Latvenergo, transmission system operator Augstsprieguma tīkls (AST) and the Public Utilities Commission (SPRK) explained the causes to the LETA news agency.

What is driving prices

Latvenergo says the effect of high energy resource prices, largely caused by the conflict in the Middle East and resulting supply restrictions, is increasingly visible in the market. Until now it was cushioned by high renewable output, but as winter approaches, demand is rising and solar generation has fallen by as much as 50%. Wind capacity has grown by 59% this year, yet current wind output is significantly lower than last week. River Daugava inflow is a third lower than a year ago, and availability of Nordic nuclear plants is 55%, compared with 85% last year.

AST board member Gatis Junghāns said the average price on the Latvian wholesale market over the first nine days of November was €278 per MWh, more than double October's average. While solar and wind plants supplied about 40% of consumed electricity in the Baltics in October, in November they supply about 30%. Thermal power units with a combined capacity of about 1,000 megawatts are under repair in Lithuania and Latvia; they are expected to return in the second half of November, which could lower prices.

Transmission limits

The Baltic states imported a quarter of their electricity needs in November, mainly from the Nordic countries, but interconnection capacity is not enough to fully replace more expensive thermal generation. Estonia's prices are lower because two interconnectors link it with Finland.

Impact on households

SPRK council chair Alda Ozola said about 85% of Latvian households have fixed-price contracts and are therefore not directly affected by exchange swings, while about 15% have variable-price contracts. She said it is too early to predict long-term effects. For comparison, Nord Pool's average price in Latvia in 2025 was €85.72 per MWh.