The average price of electricity for households in the European Union (EU) slightly increased in the first half of 2024 compared to the second half of 2023, rising from €28.30 to €28.90 per 100 kilowatt-hours (kWh), according to a statement released on Monday by the EU statistical office Eurostat.
Despite falling energy prices, average electricity prices rose slightly in the first six months of 2024 across the EU. Eurostat attributed this modest increase to government actions, including the reduction of subsidies, allowances, and tax breaks for consumers. However, the average price of electricity remains lower than in the first half of 2023 when it was €29.40 per 100 kWh.
The highest electricity prices (including taxes) in the first half of 2024 were found in Germany (€39.50 per 100 kWh), Ireland (€37.40) and Denmark (€37.10). The lowest prices were reported in Hungary (€10.90), Bulgaria (€11.90) and Malta (€12.60). Belgium ranked high on the list with €33.54 per 100 kWh.
Average electricity prices in the first six months of 2024 across the EU. Credit: Belga
According to Eurostat, increased taxes also slowed the reduction in the average price of gas. Gas prices decreased by 7% compared to the same period last year, falling from €11.90 to €11 per 100 kWh. This was also 2% lower than the average price in the second half of 2023, which stood at €11.30 per 100 kWh.
Between the first half of 2023 and the first half of 2024, domestic gas prices (including taxes) dropped in 15 of the 24 EU countries. Lithuania (-60%), Greece (-39%) and Estonia (-37%) saw the most significant decreases. Belgium ranked fourth with a 30% drop.
Conversely, the countries which experienced the largest increases were Italy (+16%), France (+13%) and Romania (+7%).
