In November, the price of electricity in Latvia rose by 5.5% compared to October and was almost a quarter higher than a year ago, reaching an average of 11.1 cents per kWh, according to information compiled by the energy company Enefit. The price increase was driven by colder weather, lower wind generation, and limited electricity imports from Finland to Latvia due to repairs on the interconnection.
A public survey conducted by the program "Enefit Mission Possible: Save STEM" in collaboration with the research agency Norstat Latvia reveals a significant trend: 35% of Latvian residents have at some point considered becoming a teacher, but only a small proportion have taken this step. The survey data indicates that the main obstacles are emotional stress, the complexity of working with children, low pay, and a lack of support.
In October, the average price of electricity in Latvia was 10.51 cents/kWh, which is 15% higher than a year ago, while compared to September, it was on average 25% higher, according to information compiled by the energy company Enefit. The increase in the average price of electricity can be explained by seasonal changes, which are likely to significantly increase prices in the morning and evening hours in November.
Following a decision by the Supervisory Board of Eesti Energia, the Group will continue with a four-member Management Board from the beginning of next year. The business operations will be consolidated into three subsidiaries: Enefit, which will oversee electricity operations; Enefit Industry, responsible for industrial operations; and Elektrilevi, managing the distribution network.
Enefit has developed Algo, an active management software that allows companies with solar parks and energy storage technologies to participate in electricity balancing markets. The solution helps increase the profitability of parks and allows them to receive compensation even when the solar park is shut down.
Latvia's share of electricity imports rose to 46% in September due to a decline in local supply, according to data compiled by energy company Enefit. Meanwhile, the average price of electricity on the market remained stable compared to both last year and the previous month: in September, the price of electricity in Latvia was almost 5% higher than in August, reaching an average of 8.4 cents/kWh. Compared to the previous year, the price has not changed – in September last year, the average price in Latvia was also 8.4 cents/kWh.
Starting in 2026, Eesti Energia will consolidate all electricity-related business areas—including retail, renewable energy production, energy trading, and development—under its subsidiary Enefit. The move aims to strengthen the group's competitiveness and improve management efficiency.
From October 1, in Latvia and throughout Europe, the price on the Nord Pool electricity exchange will be set every 15 minutes, rather than every hour as has been the case until now.
With the start of the new school year, 14 new science teachers – participants in the program "Enefit Iespējamā Misija: Save STEM" – have begun work in schools in Liepāja, Jelgava, Ādaži, Mārupe, Cēsis, Ventspils, and the Riga region. Most of the teachers will teach several STEM subjects: seven teachers will teach mathematics, five will teach biology, three will teach physics and chemistry, two will teach natural sciences, engineering, design, and technology, and one will teach robotics.
Although the average price of electricity in Latvia in August was almost twice as high as in July, reaching 8.03 cents/kWh, it was still the lowest average price in August in the last four years, according to data compiled by the energy company Enefit. The trend since 2021 clearly shows the benefits of the rapidly growing share of renewable energy – solar and wind – in the Baltic region.
BESS technologies, or energy storage battery systems, have attracted considerable interest among businesses. A connection to the power grid and a capacity of at least 100 amps – sufficient for a large private home or small shop – is enough to participate in grid stabilization. This offers businesses a double benefit: the opportunity to reduce their own costs and increase their income.
The Enefit self-service portal has become even more convenient and has been supplemented with a new feature — now you can grant or receive authorization to handle matters related to your electricity contract on behalf of a relative or other person. This feature is particularly useful if you live in different cities or even countries — everything is done remotely, securely and conveniently.
Enefit EV Rally returns this autumn, bigger than ever - the only electric vehicle (EV) orientation event in the Baltics plans to welcome over 100 teams from Latvia, Lithuania, and Estonia. The rally brings together EV enthusiasts and offers a unique opportunity to discover lesser-known parts of Latvia’s nature and cities from a fresh perspective.
In July, the wholesale price of electricity in Latvia averaged 4.6 cents per kWh, which is 7% higher than in June, but significantly lower than a year ago, when it reached 9.8 cents per kWh. According to information compiled by the energy company Enefit, 53% of the price difference can be explained by the resumption of operations of the Estlink 2 (Estonia–Finland) interconnection and an unseasonal increase in hydroelectric power generation in Latvia.
Actively monitoring your home’s electricity consumption and market price fluctuations can become an engaging habit that helps you save significantly. However, signing a fixed-price electricity contract at the right moment can also lead to noticeable savings—around €120 per year for a medium-sized apartment and up to €250 for a private house, depending on when the contract is concluded. Edgars Cvetkovs, Head of the Commercial Department at energy company Enefit, explains when a fixed-price contract is most suitable for households and the best time to sign one.
Since July 1, energy company Enefit is the only supplier in Latvia that provides 100% green electricity to all household customers at no extra charge. This means that everyone can easily reduce their impact on the environment by using energy produced from clean, renewable energy sources without generating harmful emissions or pollution. Green electricity will be included in all electricity purchase agreements, both at fixed and exchange prices.
Although there is no single best strategy for purchasing electricity, it is very important for businesses to purchase energy correctly. Given that Latvia has an open electricity market, businesses are free to choose their preferred supplier, much like choosing a mobile phone operator. Electricity reaches the consumer in the same way, regardless of the supplier. To ensure that everything is fair and secure, the market is supervised by the Public Utilities Commission (SPRK).
The electricity market in Latvia is open, but freedom of choice can quickly turn into chaos if each service comes from a different source. A single solution from one supplier not only simplifies everyday life, but also provides strategic advantages for the company's development.
Hip-hop artist Fiņķis stops just a few steps before the finish line of his first marathon to draw attention to problems in Latvia's education system. With this symbolic gesture, he points out that one in five students in Latvia does not complete their education. With this step, Enefit, together with "Iespējamā misija" (Mission Possible), is launching the second year of the STEM teacher recruitment project "Enefit's Iespējamā misija: Save STEM."
Information compiled by energy company Enefit for April shows that the wholesale price of electricity in the Baltic region was approximately 16% lower than in March, at EUR 77/MWh. However, Latvia stood out as the most expensive of the Baltic countries, with prices on average almost €4/MWh higher than in Estonia and €3/MWh higher than in Lithuania. The price difference was determined by limited cheap cross-border electricity flows and very low hydro power generation in Latvia.
Following the successful synchronization of the Baltic States' electricity networks with Europe, companies are also being encouraged to participate in the new balancing markets – frequency containment (FCR) and frequency restoration (aFRR and mFRR) – to help ensure the balance of the energy system. Enefit already manages the largest balancing portfolio in the Baltics, offering companies the opportunity to use their electrical equipment to generate additional income.
Energy company AS Enefit will donate 28 charging stations to Ukraine to help strengthen the war-torn country's energy infrastructure. The delivery of the charging equipment to Ukraine will be coordinated by the internationally recognized organization AVERE Ukraine.
With the arrival of spring, changes are noticeable in the Latvian and Baltic electricity markets, indicating a need to increase the capacity of electricity storage facilities. Information compiled by the energy company Enefit for March shows that the wholesale price of electricity was significantly lower – EUR 91.99/MWh – than in February, when it reached EUR 151.8/MWh. However, price fluctuations within a day have increased.
Energy company Enefit has created the Enefit public charging network loyalty program, becoming the first electric car charging network in Latvia to offer special benefits to private customers. The loyalty program has been in effect since April 1, offering larger discounts or lower charging fees to customers who regularly charge their electric cars on the Enefit network.
Joining the European energy grid has created a need for additional capacity to stabilize the grid. This opens up new opportunities for companies to earn money by participating in electricity balancing markets. Investments in energy storage batteries or BESS systems allow for the efficient storage of energy, not only reducing electricity consumption costs, but also generating additional revenue by participating in frequency containment (FCR) and frequency restoration (aFRR and mFRR) markets.
Energy company Enefit has taken a significant step towards ensuring the stability of the Baltic energy grid after disconnecting from BRELL: the energy storage facility of its parent company Eesti Energia, the first large-scale battery station, has begun operations at the Auveres industrial complex in Estonia. This solution will help maintain the stability of the electricity system after desynchronization and reduce price fluctuations that can be caused by interruptions in renewable energy production.
Why was it necessary, is it safe, and how much will it cost? These were the loudest questions asked when discussing the Baltic states' decision to disconnect from Russia's BRELL electricity grid in February this year. However, by focusing solely on today's challenges, we risk losing sight of the future perspective – the need to integrate electricity users more closely as an active part of the energy system and to accelerate the adoption of new technologies.
Amendments to the Excise Tax Law stipulate that, starting January 1, 2025, excise tax on natural gas will be increased in Latvia depending on its intended use. These changes are a national initiative for more sustainable use of energy resources and a transition to environmentally friendly resources.
Starting February 10, you can sign up for the Seasonal combined tariff plan, which combines favorable electricity exchange prices in the summer with stability and a fixed price in the winter. Since the introduction of the Seasonal tariff plan in May last year, hundreds of customers have already praised it, citing convenience and security provided by the automatic switch between exchange and fixed prices as its main advantages.
On February 8-9, the Baltic states will disconnect from Russia's energy system and join the common European energy grid. The Ministry of Climate and Energy (KEM) informs that the likelihood of power supply disruptions due to synchronization is not significantly higher than usual, for example, due to damage caused by adverse weather conditions.
The energy market is undergoing significant changes, and companies are increasingly looking for smart solutions to help reduce electricity costs and ensure stability even in volatile market conditions. This issue will become particularly relevant after the Baltic states disconnect from the Russian electricity grid in February this year, when desynchronisation will open up new revenue opportunities for companies in the energy market. The energy company Enefit is already prepared for these changes, offering battery solutions for energy storage that will enable companies to become active participants in the energy market and reap financial benefits.
The modern Skanste business quarter is being filled even more with companies focused on sustainability – this is confirmed by recently concluded long-term cooperation agreement between the Riga’s greenest office complex Verde and Enefit group, which is the largest wind energy producer in the Baltic states and second-largest electricity merchant in Latvia.
Rise in electricity prices and unstable geopolitical situation have facilitated support of the residents of Latvia to dealing with the national matters in relation to energy independence.
Due to the changing electricity market prices, the Latvian public has become increasingly interested in changing the electricity trader in recent months. Enefit, the second largest electricity trader in Latvia, increased the number of household customers by about 50% in the fourth quarter of last year, thus achieving significant growth in the private customer market, and is now providing electricity to 50,000 households.
In the wake of the energy crisis in the country, the government has decided to compensate for the increase in the price of natural gas to the citizens. State aid can also be granted to the owner or manager of an apartment building if natural gas is used by households.
To mitigate the impact of electricity price hikes, the state has increased the support mechanisms for all Latvian electricity users.
The moment when the government finally decides on support to offset price rises seems hopeful for many, like a long-awaited respite from the stress of energy price hikes. It is important to remember that the support measures implemented and still to be planned will cost more than 400 million euros.
To mitigate the impact of electricity price hikes, the State has introduced two support mechanisms for all Latvian electricity users: a 50% reduction in the distribution system service charge and a 60% reduction in the mandatory purchase component (MPC).
Within the framework of the European Green Deal, Latvia is obliged to meet serious commitments to reduce greenhouse gas emissions in the transport sector. According to the RTSD (CSDD) database, at the moment, the total number of registered vehicles in Latvia is currently 982,000, 1,965 or only 0.2% of which are powered by electricity.
The Estonia Mine in Ida-Virumaa is the largest underground mine in Estonia – it would be as large as the city of Tallinn when raised to the ground. The mine can function thanks to powerful pumps, the largest of which (560 kW) are connected to Eesti Energia's Virtual Power Plant. Each cubic metre pumped means electricity consumption that can be reduced by up to 7% per year with this solution.
At the end of 2020, Liwathon E.O.S., the largest independent oil products terminal operator in the Baltic region, connected its electric heating of transport pipelines to Eesti Energia's Virtual Power Plant in order to sell surplus energy back to the grid and thus generate additional revenue.
Estonian state-owned Eesti Energia Groups subsidiary renewable energy company Enefit Green, which is the largest wind energy producer in the Baltics, has made significant investments and produced 557 gigawatt hours of electricity in the past six months.
Data from the Nord Pool stock exchange, Europe’s leading electricity manager, show that the price of electricity has almost doubled in recent months compared to last year. This trend is mainly driven by the sharp rise in carbon prices and the steady growth in electricity demand as the economy recovers from the constraints of the global pandemic.
Constantly fluctuating electricity prices combined with the growing requirements to reduce the environmental impact from companies are forcing entrepreneurs to look for ways to make their operations greener and sustainable.
Enefit, the second largest electricity trader in Latvia, has developed a unique green electricity purchase solution, which reduces electricity costs for companies at the same time contributing to their sustainability. Enefit is the first power trader, which offers long-term power purchase agreements (PPA) in the Baltic States.
Enefit, the second largest energy trader in Latvia, has more than doubled its customer portfolio in 2020, thus continuing successful growth in the household market. Rapid development was achieved in the segment of energy solutions as well by installing more than 100 solar energy solutions and increasing the number of energy efficiency improvement and sustainability promotion projects implemented in companies by 15%.
Ørsted, the global leader in offshore wind, and Enefit, a leading utility and the largest wind energy company in the Baltics, have today signed a memorandum of understanding (MoU) which outlines a vision for becoming the leading offshore wind developer in the Baltic countries.
Following the increasing interest of consumers in the possibility of using sustainable and environment-friendly solutions in everyday life, the second largest electricity merchant in Latvia, Enefit, has introduced in the Baltic countries a unique offer of renewable energy for households: a possibility to choose which type of green electricity to use in your home: generated by wind or by solar energy.
It comes as no shock that for many industries, last year's growth trends were directly affected by the spread of Covid-19 and the relentless struggle of dealing with the consequences of various restrictions.
The number of households and companies in the Baltics, that became electricity producers instead of consumers has more than doubled last year. Also in Latvia, the number of microgeneration projects in 2020 has increased by 66%, and, according to the aggregated data from the energy company Enefit, it is mainly caused by the solar energy solution installation.
The European Union has said strictly that its direction of development is painted in green. By 2050, Member States of the EU must reach the point, where nature is able to fully absorb the carbon emissions generated by the operations of humans.
Changes have taken place in the Board of SIA Enefit, subsidiary of the Estonian energy company Eesti Energia, as the previous Head of Business Development and Board Member of Enefit Krists Mertens was appointed as the company’s Chairman of the Board.
Enefit, the second largest electricity seller in Latvia, has built the first liquefied natural gas (LNG) plant required for processing at Līcis-93 in Kolka.
Green energy is an almost ideal solution for a better day-to-day life: it’s environmentally friendly, has great potential and is a good investment in the future that can operate without State subsidies even now.
Enefit, the second largest electricity trader in Latvia, increased its client portfolio three times in 2019 and reached a turnover of 58.06 million euros, thanks to a successful start in the household market. In total, transactions on the sales of 1017 GWh electricity and 330 GWh gas were concluded. Compared to 2018, the number of energy efficiency projects increased three times, thereby modernising the energy field of Latvian companies.
Although solar is not yet a sufficiently popular energy source in Latvia, the interest of households in solar energy is growing rapidly. Data summarised by Enefit clearly show that the number of households producing their own energy has doubled in the past three years. This year’s survey demonstrated that 30% of Latvian consumers were considering installation of solar energy solutions in their homes. .
During the couple of weeks since the energy company Enefit started selling electricity to Latvian households, high interest in the offer from the company has enabled them to rapidly strengthen positions in this market segment. At the moment, Enefit already provides electricity to more than 1,200 households.
Enefit, the second largest energy trader in Latvia, has continued its growth in 2018 by expanding its customer portfolio and increasing the volume of energy sold by 15%. The development of the company was primarily determined by the successful offering of energy efficiency solutions as well as active operation in the newly opened natural gas market.
By opening an improvised place of selling in the Vegetables Pavilion of Riga Central Market on 5 March, Enefit, a subsidiary of the largest energy producer in the Baltic Region, Eesti Energia, commenced selling of electricity to Latvian households, thus reminding each inhabitant that the electric energy market is open.
The power industry reached a kind of maturity last year when consumer costs for electricity and natural gas were primarily influenced by global open market processes and not by changes in local market regulations or the infrastructure.