The article presents the analysis of electricity consumption in Latvia and substantiates the use of econometric methods in forecasting electricity consumption by consumer groups. Factors influencing electricity consumption in different consumer groups are analysed and appropriate econometric equations are estimated. Forecasts of electricity consumption till 2020 are given in the article. Forecasted electricity consumption per capita is compared with electricity consumption in other countries. Total electricity consumption prognoses are compared with potential electricity production amounts, in order to assess possible amount of electricity deficit.