At the end of 2023, Bulgaria is the second lowest price of household electricity

Eurostat data, posted on the website of the European statistical office, show that electricity prices for households fell in 13 EU countries and rose in the rest in the second half of 2023 compared to the same period of the previous year. For non-household consumers, prices in the second half of 2023 decreased in 17 countries, resulting in a -4.6% drop in the EU.

The reduction in prices is the result of market dynamics, but is partially offset by the reduction or elimination of consumer relief measures at the national level.

In national currency, the largest growth in household prices (+86%) was recorded in the Netherlands. The increases in national currency were also large in the Czech Republic (+83%), Poland (+35%) and Germany (+20%).

By contrast, the biggest declines in national currency prices were in Denmark (-39%), Spain (-30%) and Sweden (-20%).

Expressed in euros, average household electricity prices in the second half of 2023 were lowest in Hungary (11.3 euros per 100 kWh), Bulgaria (11.9 euros) and Malta (12.8 euros), and the highest – in Germany (40.2 euros), Ireland (37.9 euros) and Belgium (37.8 euros).

In the image, the Purchasing power standard (PPS) is an artificial currency unit. Theoretically, a PPS can buy the same amount of goods and services in every country, as explained by the European Commission – in this case it is for 100kWh.

With other data, Eurostat notes that gas prices for residential consumers decreased in the second half of 2023, mainly as a result of lower energy costs and, to a lesser extent, taxes, which gradually returned to pre-crisis levels after the reductions in 2022. For non-residential consumers, the decrease of gas prices were more evident in the second half of 2023.

Between the second half of 2022 and the same period of 2023, gas prices (in national currencies) increased the most in Lithuania (+68%) and decreased the most in Denmark (-39%). For domestic consumers, 12 countries reported increases, while the remaining 12 gas users reported price reductions. In the industrial sector, all but three countries reported declines, indicating a clear downward trend in natural gas prices.

After Denmark it is Poland (+32%), Slovakia and Germany (both +22%) with the highest price jump, while Greece (-42%), Denmark (-41%) and Bulgaria (-40%) have biggest drop.

Expressed in euros, average household gas prices in the first half of 2023 were lowest in Hungary (€3.3 per 100 kWh), Croatia (€4.6) and Romania (€5.6) and highest in Sweden (€20.7), Ireland (€16.4). and the Netherlands (€24.8).