These 3 charts show energy prices in the EU

Electricity and gas price rises in Europe are slowing down, new data shows.

Charts from the European Union (EU), which has 27 member countries, show steep rises in energy prices since 2021 starting to flatten in the first six months of 2023.

A report from Eurostat, the statistical office of the EU, says electricity and gas prices are stabilizing. This follows a “significant increase” in energy prices that started before Russia invaded Ukraine, and then “skyrocketed” in the second half of 2022.

While this is good news, electricity and gas prices in the EU are still higher than they were in 2022.

Average household electricity prices in the first half of 2023 were €28.9 per 100 kilowatt-hour (kWh) – up from €25.3 per 100kWh for the same period in 2022.

Average gas prices also rose to €11.9 per 100kWh from €8.6 per 100kWh in 2022.

“These prices are the highest recorded by Eurostat,” the statistical agency notes.

In 22 EU countries, household electricity prices rose in the first half of 2023 compared to the same time last year. The Netherlands saw the biggest increase, with household electricity bills jumping 953%. Factors fuelling this include the discontinuation of tax relief measures from 2022 and a doubling of energy taxes on electricity.

A price cap in the Netherlands this year will “significantly” lower prices, Eurostat adds.

Lithuania, Romania and Latvia also saw big electricity price jumps of 88%, 77% and 74%, respectively. Spain and Denmark saw the biggest electricity price falls, of 41% and 16%.

Gas prices also rose in 20 out of the 24 EU members that report gas prices to Eurostat.

Latvia and Romania saw the highest jumps in gas prices in the first half of 2023 – of 139% and 134%, respectively.

For Austria, the Netherlands and Ireland, they rose by 103%, 99% and 73%.

Gas prices fell marginally in Estonia, Croatia and Italy and were unchanged in Lithuania.

European countries perform strongly in the World Economic Forum’s Energy Transition Index 2023, which ranks 120 countries on their current energy system performance and on the readiness of their enabling environment for an effective energy transition.

The top 10 countries in the index, which features in the Fostering Effective Energy Transition 2023 report, are all from Western and Northern Europe, led by Sweden, Denmark and Norway.

Top performing countries in the Energy Transition Index 2023 are all taking similar action, the Forum says.

This includes diversifying their energy mix, reducing energy subsidies, cutting emissions from their energy sector and introducing more clean energy into the fuel mix.

The report’s authors remind that a “strong and supportive regulatory environment” is also an important factor in driving progress on energy transition and reducing reliance on fossil fuels.