Electricity in Latvia in 2024

Latvia's current electricity consumption is characterized by a significant dependence on low-carbon sources. In 2024, clean energy sources account for roughly 62% of Latvia's electricity generation, with hydropower being the dominant force, contributing nearly 46%. Biofuels, solar, and wind energy together add another 16%, though each of these sources individually remains below 7%. Fossil fuels, represented entirely by gas, still make up more than a fifth of the total energy consumption at 23%. Net imports supplement the country's electricity needs by contributing around 15%, showcasing a moderate reliance on external sources for its energy mix.

Suggestions

To bolster its low-carbon electricity generation, Latvia can draw inspiration from countries that have successfully embraced nuclear and wind energy, given their similarities. Notably, Slovakia leverages nuclear power to generate 60% of its electricity, demonstrating efficiency and large-scale adoption, while Lithuania harnesses 34% of its electricity from wind energy. Latvia could explore investments in nuclear technology, borrowing strategies from countries like Sweden and Finland, which have diverse and stable low-carbon portfolios. Furthermore, Denmark's impressive 59% wind energy penetration illustrates the potential for expanding wind energy infrastructure in Latvia, especially alongside advancements in technology and turbine efficiency.

History

Reflecting on the past, Latvia's history of low-carbon electricity production has seen fluctuating patterns, primarily driven by hydropower variations. During the late 1990s, there were notable increases in hydroelectric generation, with significant gains in 1997 and 1998. However, the start of the 21st century saw some declines, with intermittent positive adjustments, particularly in 2004 and the mid-2010s. The year 2017 marked a peak with a substantial increase in hydropower generation, although similar-sized declines occurred shortly after. In 2023, another uptick was recorded before a slight decrease in 2024. These fluctuations underline the importance of diversifying Latvia's low-carbon portfolio to ensure greater stability and resilience in electricity generation.

Electricity Imports and Exports

Balance of Trade

Maximum Imports

Data Sources