In January 2024, Latvia saw a sharp increase in electricity consumption, rising by 15% compared to previous months, which is the highest level reported in 16 years. The amount of electricity produced and fed into the grid also grew substantially, showing a 45% increase compared to December 2023. This surge in usage reflects broader trends of households increasingly electrifying their heating systems, particularly with the growing popularity of heat pumps among both private homes and businesses.

Gatis Junghāns, a board member of the transmission network operator 'Augstsprieguma tīkls', explained that this year's cold winter provided a clear demonstration of how electricity consumption is closely tied to weather conditions. He noted that the significant increase in demand for electricity is benefiting from a broader trend of consumers shifting towards electric heating solutions, which has become a prevalent choice among households in Latvia.

Approximately 75% of households in Latvia prefer to pay a fixed electricity price, which helps shield them from the fluctuations typical of electricity market prices. Dmitrijs Juskovecs, the commercial director of 'Latvenergo', highlighted that various factors, including the cold weather, impact electricity pricing, which remains a critical point of concern for consumers facing potential cost increases amidst changing market dynamics.