Seeing that I have solved this problem twice (forgetting the solution after having done it once), I will write down the essential steps.
To be able to use equations in the static Pelican Blog generator, the key is to include a code snippet like
in the template/base.html theme file (just before the <body> section.)
This has been copied from Amic Frouvelle.
Once activated, this source:
.. math:: \alpha = 10^2
renders nicely into
Inline mathematical expressions can be surrounded by \$ just as in LaTeX. However, we need to use a double backslash instead of a single backslash. For example \$\\alpha = 10^2\$ would be rendered as $\alpha = 10^2$ in the line.
Update: February 2014. Have now found this pelican plugin.
Testing $\alpha=0.3$ and $10^2$.
This seems easier as it does not require changing the template/base.html file.