The energy-intensive timber industry enterprises have a significant role in Latvia’s manufacturing sector, contributing to the country’s sustainable economic development. They maintain the economic well-being of residents of Latvia’s rural regions and represent a substantial proportion of output value and export volume in the manufacturing sector and the state economy. Due to surging energy prices that negatively impact production costs, it is more difficult for enterprises to compete in foreign markets. The study aims to analyse energy consumption trends in timber industry enterprises in Latvia to propose activities for reducing energy costs, thus promoting the international competitiveness of timber industry enterprises. The analysis is based on data from Europe’s power market Nord Pool and databases of the Official Statistics Portal of Latvia. Methods used: statistical data analysis using time series analysis and expert interviews. The research results show that a significant threat to the competitiveness of enterprises is the increasing price of electricity, which is the second most consumed energy resource, accounting for nearly 15% of the total annual energy consumption of timber industry enterprises. To address high electricity costs, enterprises have the opportunity to install solar panels. Calculations show that, at an electricity price of 0.198 EUR per kWh, investments could lead to a five-year payback period with an ROI of 7.52%. At a lower electricity price of 0.13 EUR per kWh, the payback period would extend to ten years but still provide a reasonable ROI of 5.2%.