House­hold elec­tric­ity prices up 2.4% in EU

Financial Mirror (Cyprus) - - FRONT PAGE -

Euro­pean Union house­hold elec­tric­ity prices rose by 2.4% on av­er­age be­tween the sec­ond half of 2014 and the sec­ond half of 2015 to reach EUR 21.1 per 100 kWh. Since 2008, elec­tric­ity prices in the EU have risen by 33%. In con­trast, the most no­tice­able de­crease was ob­served in Cyprus (-22.0%), well ahead of Lithua­nia (-5.8%), Ire­land (-3.2%), Es­to­nia (-2.6%), Croa­tia (-1.5%) and the United King­dom (-1.4%).

Across the EU mem­ber states, house­hold elec­tric­ity prices in the sec­ond half of 2015 ranged from be­low EUR 10 per 100 kWh in Bul­garia to more than EUR 30 per 100 kWh in Den­mark. House­hold gas prices went down by 1.7% on av­er­age in the EU be­tween the sec­ond halves of 2014 and 2015 to stand at EUR 7.1 per 100 kWh. Since 2008, gas prices in the EU have risen by 14%. Among mem­ber states, house­hold gas prices in the sec­ond half of 2015 ranged from slightly over EUR 3 per 100 kWh in both Ro­ma­nia and Hun­gary to al­most EUR 12 per 100 kWh in Swe­den. Taxes and le­vies in the EU made up on av­er­age a third (33%) of the elec­tric­ity price charged to house­holds in the sec­ond half of 2015, and al­most a quar­ter (23%) of the gas price.

Across the EU, the high­est in­crease in house­hold elec­tric­ity prices in na­tional cur­rency be­tween the sec­ond half of 2014 and the sec­ond half of 2015 was by far in Latvia (+26.8%) and Bel­gium (+15.1%), fol­lowed by Bul­garia (+6.9%), Ro­ma­nia (+6.1%), the Nether­lands (+5.8%), Italy (+3.8%), France (+3.4%) and Por­tu­gal (+2.4%).

Ex­pressed in eu­ros, av­er­age house­hold elec­tric­ity prices in the sec­ond half of 2015 were low­est in Bul­garia (EUR 9.6 per 100 kWh) and Hun­gary (EUR 11.5) and high­est in Den­mark (EUR 30.4) and Ger­many (EUR 29.5). The av­er­age elec­tric­ity price in the EU was EUR 21.1 per 100 kWh.

When ex­pressed in pur­chas­ing power stan­dards (PPS), an ar­ti­fi­cial com­mon ref­er­ence cur­rency that elim­i­nates gen­eral price level dif­fer­ences be­tween coun­tries, it can be seen that, rel­a­tive to the cost of other goods and ser­vices, the low­est house­hold elec­tric­ity prices were found in Fin­land (12.3 PPS per 100 kWh), Swe­den (14.6), Lux­em­bourg (14.7) and France (15.2), and the high­est in Por­tu­gal (29.3), Ger­many (28.3), Spain and Ro­ma­nia (both 26.5).

The share of taxes and le­vies in to­tal house­hold elec­tric­ity prices var­ied sig­nif­i­cantly be­tween mem­ber states, rang­ing from at least half in Den­mark (69% of house­hold elec­tric­ity price is made up of taxes and le­vies), Ger­many (52%) and Por­tu­gal (50%) to 5% in both Malta and the U.K. in the sec­ond half of 2015. On av­er­age in the EU, taxes and le­vies ac­counted for a third (33%) of house­hold elec­tric­ity prices.

Be­tween the sec­ond half of 2014 and the sec­ond half of 2015, house­hold gas prices in na­tional cur­rency de­creased in a ma­jor­ity of mem­ber states, with the largest falls be­ing recorded in Es­to­nia (-22.3%), Bul­garia (-19.1%), Den­mark (-12.8%) and Lithua­nia (-12.6%). In con­trast, the high­est in­creases were ob­served in Ro­ma­nia (+7.2%) and Swe­den (+4.4%). Ex­pressed in euro, av­er­age house­hold gas prices in the sec­ond half of 2015 were low­est in Ro­ma­nia (EUR 3.4 per 100 kWh), Hun­gary (EUR 3.5), Es­to­nia (EUR 3.8) and Bul­garia (EUR 3.9) and high­est in Swe­den (EUR 11.7), Por­tu­gal (EUR 9.8), Spain (EUR 9.3) and Italy (EUR 9.1). The av­er­age gas price in the EU was EUR 7.1 per 100 kWh.

Ad­justed for pur­chas­ing power, it can be seen that, rel­a­tive to the cost of other goods and ser­vices, the low­est house­hold gas prices were recorded in Lux­em­bourg (4.0 PPS per 100 kWh), the United King­dom (5.1), Es­to­nia (5.3), Bel­gium (5.6) and Den­mark (5.7) and the high­est in Por­tu­gal (12.6), Spain (10.4), Greece and Swe­den (both 9.2), the Czech Re­pub­lic (9.1) and Italy (9.0).

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