Electricity and gas: EU prices decrease after 2022 surge (2024)

Electricity and gas bills decreased in the second half of 2023, after the increase which started before the Russian war of aggression against Ukraine and skyrocketed through 2022.

In the second half of 2023, average household electricity prices in the EU decreased (€28.5 per 100 kWh) when compared with the first half (€29.4 per 100 kWh), and increased slightly compared with the second half in 2022 (€28.4 per 100 kWh). The cost of energy, supply and network, stabilised in the first semester of 2023, show a decrease in the second, still remaining at high levels, compared to cost before the price peak in 2022.

Average gas prices for households in the second half of 2023 decreased (€11.3 per 100 kWh) when compared with the first half of 2023 (€11.9 per 100 kWh) and the second half of 2022 (€11.4 per 100 kWh). Energy, supply and network cost decrease, started already in the first semester of 2023, continued its downward course. For non-household consumers this decrease is more pronounced, showing better conditions for the industry.

This information comes from data on electricity and gas prices published recently by Eurostat. The article presents a handful of findings from the more detailed Statistics Explained articles on electricity prices and natural gas prices.

Source datasets: nrg_pc_204 and nrg_pc_202

Electricity prices dropped in 13 EU countries in the second half of 2023

Data also show that household electricity prices decreased in 13 EU countries and increased in the rest of the countries in the second half of 2023 compared with the second half of 2022. For non-household consumers the prices during the second semester 2023, decreased in 17 countries, resulting in a -4.6% drop in the EU. Price decreases resulted from market dynamics, but were partly offset by reducing or removing consumer alleviation measures at national level.

In national currency, the largest increase (+86%) was reported in the Netherlands. Large increases in national currency were also registered in Czechia (+83%), Poland (+35%) and Germany (+20%).

Large decreases in national currency were registered in Denmark (-39%), Spain (-30%) and Sweden (-20%).

Source dataset: nrg_pc_204

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

Gas prices: Lithuania largest increase, Greece largest decrease

Gas prices for household consumers decreased in the second half of 2023, resulting mostly from lower energy cost and to a lesser extent from taxes, which are gradually returning to pre-crisis levels after reductions in 2022. For the non-household consumers, reductions in gas prices were more evident in the second half of 2023.

Between the second half of 2022 and the second half of 2023, gas prices (in national currencies) increased the most in Lithuania (+68%) and decreased the most in Denmark (-39%). For household consumers, in total, 12 countries reported increases, while the other 12 using gas, reported price decreases. In the industry sector, all but three countries reported decreases, indicating a clear downward trend of gas price levels.

Poland (+32%), Slovakia and Germany (both +22%) followed with the highest surges in prices, while Greece (-42%), Denmark (-41%) and Bulgaria (-40%) had the highest decreases.

Source dataset: nrg_pc_202

Expressed in euro, 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).