Electricity – Natural gas: Prices are falling in Europe – What is happening in Greece

Electricity and natural gas prices in Europe fell in the second half of 2023, after the explosive increase that began before the Russian invasion of Ukraine and peaked in 2022. It is noteworthy that Greece recorded the largest decrease in natural gas prices.

According to the data published today Thursday by Eurostat, in the second half of 2023, average household electricity prices in the EU decreased (€28.5 per 100 kWh) compared to the first half (€29.4 per 100 kWh ) and increased slightly compared to the second half of 2022 (€28.4 per 100 kWh). Energy, supply and network costs, which stabilized in the first half of 2023, show a decrease in the second, still remaining at high levels, compared to costs before the price peak in 2022.

Average natural gas prices for households in the second half of 2023 decreased (11.3 euros per 100 kWh) compared to the first half of 2023 (11.9 euros per 100 kWh) and the second half of 2022 (11, 4 euros per 100 kWh). The reduction in energy, supply and network costs, which started already in the first half of 2023, continued its downward course. For non-household consumers this decrease is more pronounced, which indicates better conditions for the sector.

Electricity prices fell in 13 EU countries

The data also show that household electricity prices fell in 13 EU countries and rose in the remaining countries in the second half of 2023 compared to the first half of 2022. For non-household consumers, prices in the second half of 2023, decreased in 17 countries, resulting in a -4.6% drop in the E.U. The price reductions came from market dynamics, but were partially offset by the reduction or removal of consumer relief measures at the national level.

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

Large declines in the national currency were recorded in Denmark (-39%), Spain (-30%) and Sweden (-20%).

Expressed in euros, average household electricity prices in the second half of 2023 were lowest in Hungary (11.3 euros per 100 kWh), Bulgaria (11.9 euros) and Malta (12.8 euros) and highest in Germany (40.2 euros), Ireland (37.9 euros). ) and Belgium (€37.8). In Greece it is 28.15 euros, according to Eurostat data.

Natural gas prices: Lithuania more increase, Greece more decrease

Natural gas prices for residential consumers decreased in the second half of 2023, mainly as a result of lower energy costs and to a lesser extent from taxes, which gradually return to pre-crisis levels after reductions in 2022. For non-residential consumers , the declines in natural gas prices were more evident in the second half of 2023.

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

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

Expressed in euros, average household gas prices in the first half of 2023 were lowest in Hungary (3.3 euros per 100 kWh), Croatia (4.6 euros) and Romania (5.6 euros) and the highest in Sweden (20.7 euros), Ireland (16.4 euros). ) and the Netherlands (€24.8).

Source OT