Cyprus had the second highest electricity prices in relation to consumers' purchasing power in the second half of 2024, according to electricity price data published by Eurostat, the EU's statistical office.
In terms of purchasing power parity (PPP), electricity prices were highest for households in the Czech Republic (41,00), Cyprus (35,70) and Germany (35,23). The lowest prices in terms of PPS were recorded in Malta (14,33), Luxembourg (15,39) and Hungary (15,45).
In absolute terms, among Member States, the highest electricity prices were recorded in Germany (€39,43 per 100 kWh), Denmark (€37,63) and Ireland (€36,99). The lowest prices were recorded in Hungary (€10,32), Bulgaria (€12,17) and Malta (€13,01).
Despite stable EU averages, significant price changes are recorded in some countries (in national currency prices).
Electricity prices for households rose sharply in Portugal (+14,2% compared to the second half of 2023), Finland (+13,6%) and France (+12,9%). Meanwhile, countries such as Latvia (-17,8%), the Netherlands (-14,3%) and Belgium (-12,3%) saw significant price decreases.
Fixed prices across Europe
At a European level, average household electricity prices in the second half of 2024 remained largely stable, with a slight decrease to €28,72 per 100 kWh from €28,89 in the first half of 2024. Prices remain well above the levels recorded before the 2022 energy crisis.
In 2024, the share of taxes in electricity bills increased slightly from 24,3% to 25,1% in the second half due to small tax increases. Although overall energy and supply costs in the EU decreased in 2024 compared to 2023, network costs increased in 18 EU countries, resulting in an overall increase in EU network costs of 8,9% compared to the previous year.
As for electricity prices for non-household consumers, these also remained broadly stable in the second half of 2024, with more countries seeing price decreases than increases. On average, prices excluding VAT remained relatively stable at €18,99 per kWh, showing a marginal increase from €18,67 in the first half of the year.
This stability marks, according to Eurostat, a pause in the downward trend observed over the last 1,5 years, indicating that prices have leveled off in the second half of 2024. Meanwhile, the share of irrecoverable taxes and contributions was slightly lower at 15,9%, from 16,6% in the first half of 2024.
In 19 EU countries, non-household electricity prices decreased, while in six countries increases were recorded compared to the second half of 2023. Notable decreases were observed in Austria (-18,8%), France (-16,3%) and Belgium (-16,1%), mainly due to decreasing energy and supply costs, and increases in Portugal (+14,7%), the Czech Republic (+11,8%) and Denmark (+9,8%), mainly attributed to increasing network costs and the phasing out of tax reductions and subsidies.
Source: KYPE
