Electricity in Latvia in 2024

In 2024, Latvia’s electricity landscape features a strong reliance on low-carbon sources, with more than 60% of its electricity coming from clean energy. Hydropower constitutes the largest share of this, making up over 40% of electricity production, while biofuels, solar, and wind contribute smaller portions, accounting for about 10%, 7%, and 4% respectively. Fossil fuels, specifically gas, still play a significant role, powering almost 22% of electricity demand. Moreover, Latvia continues to rely on net imports for roughly 15% of its electricity. This setup underscores the importance of continuing to expand low-carbon alternatives to reduce dependency on fossil fuels and imports, given their association with climate change and energy security concerns.

Suggestions

To increase its reliance on low-carbon electricity, Latvia could consider enhancing its solar and wind capacity, drawing inspiration from countries universally recognized for their successes in these domains. For instance, Denmark generates more than half of its electricity through wind power, a testament to the potential in this sector for countries with similar wind profiles. Similarly, Ireland derives nearly a third of its electricity from wind. In terms of solar power, Latvia could look to Lebanon, which generates about 31% of its electricity from solar energy. Furthermore, although not currently a part of its energy mix, introducing nuclear power could significantly bolster Latvia's low-carbon electricity generation. Countries like Slovakia and France have successfully harnessed nuclear power, producing over 60% of their electricity from this clean source.

History

Historically, Latvia has shown fluctuations in its hydropower generation. The late 1980s and early '90s were characterized by variable but generally lower addition of hydroelectric power, with brief peaks and declines suggesting instability in water resource availability or management. A significant drop occurred in the mid-1990s, followed by recovery in the late 1990s. More recently, the 2010s displayed both gains and setbacks, with notable increases around 2017, followed by a decline in 2018 and a rebound in 2023. Despite these fluctuations, hydropower remains a solid backbone of Latvia's low-carbon electricity generation. Looking forward, diversifying into wind, solar, and potentially nuclear could provide Latvia with a more balanced and resilient green energy portfolio.

Electricity Imports and Exports

Balance of Trade

Maximum Imports

Data Sources