Record Energy Prices in the EU 2023

Record Energy Prices in the EU

Energy prices in the European Union reached record levels in the second half of last year. The average price for electricity rose by more than 20 percent. The gas price increased by 46 percent.

Stable Prices Lately, But Surge Expected in 2022

The average electricity price in the EU rose in the last six months of last year from EUR 23.50 to EUR 28.40 per 100 kWh. The average gas price rose from 7.80 euros to 11.40 euros per 100 kWh. This is evident from figures from the European statistics agency Eurostat.

Energy prices rose mainly after the Russian invasion of Ukraine, but have stabilized in recent months. However, many EU countries are expecting a further surge in energy prices next year as demand continues to outpace supply. This is especially true for gas.

Countries Hardest Hit

Electricity prices rose the fastest in Romania (+112 percent), the Czech Republic (+97 percent), Denmark (+70 percent), Lithuania (+65 percent) and Latvia (+59 percent). In Luxembourg (+3 percent), Austria, Germany (both +4 percent), Poland and Bulgaria (both +5 percent) they increased the least.

Gas prices went up in all 27 EU countries. They rose the fastest in the Czech Republic, Romania, Latvia, Lithuania and Belgium. These countries are heavily dependent on Russian gas and have been hit the hardest.

EU Measures to Combat Prices

Many EU countries have taken measures to combat price increases, such as lowering taxes and surcharges and setting price caps. However, these measures can only do so much in the face of rising demand and limited supply.