Latvenergo invests in plans to become the Baltic market leader in battery storage

As part of its strategic commitment to maintaining a leading position in renewable energy across the Baltic states, Latvenergo Group plans to install 250 MW of battery storage with a capacity of 500 MWh by 2030.

Latvenergo, a state-owned energy company based in Latvia, plans are to expand its generation portfolio with the development of battery energy storage systems (BESS), aiming to be a leading play in the Baltic BESS market.

This initiative will complement the company’s existing hydro power plants (installed capacity ~1,550 MW), combined heat and power plants (~1,050 MW), and ongoing solar and wind capacity projects. The addition of BESS technology is said to enhance Latvenergo’s generation and sales portfolio, improve electricity market efficiency, and contribute to more stable price dynamics over the long term. The investment also aims to provide more affordable electricity for customers while strengthening national economic competitiveness and supply security.

The initial BESS projects are being implemented in Latvia at Latvenergo production sites, beginning with a smaller-scale installation at Latvenergo AS CHPP-1, followed by larger storage solutions at Riga HPP and Latvenergo AS CHPP-2. Procurement and supplier selection for these projects are currently underway. Future storage deployments will be strategically evaluated to maximise benefits for both supply security and end customers across the Baltic region.

Comment:

Chief Financial Officer of Latvenergo Guntars Baļčūns said in a press release: “This investment in battery systems is an important step in the development of our energy sector and long-term sustainability. We see huge synergetic benefits arising from our investment in BESS, both for the current generation capacity of Latvenergo and the development of existing renewable energy projects. The innovations and infrastructure of Latvenergo will not only strengthen the security of supply but also the development of the Baltic region.”