Cyprus electricity prices climb 32%

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Annual average household electricity prices in the European Union increased sharply in the first six months from €22 per 100 kWh to €25.3 but were higher in Cyprus.

The same Eurostat data shows a 32% increase in Cyprus during the same period, from €19.8 per 100 kWh during the first six months of 2021 to €26.1 in 2022.

Average gas prices in the EU also increased compared to last year from €6.4 per 100 kWh to €8.6 per 100 kWh.

Wholesale prices for electricity and gas have increased substantially across the EU.

The Russian military aggression in Ukraine mainly drove the increase in energy and supply costs impacted by the current geopolitical situation.

Compared with a year ago, the weight of taxes and levies in the final electricity and gas bills charged to EU households up to June decreased significantly as Member States implemented government allowances and subsidies to mitigate high-energy costs.

Compared with the first half of 2021, the share of taxes in the electricity bill dropped sharply from 39% to 24% (15.5% reduction) and in the gas bill from 36% to 27% (8.6% reduction).

Household electricity prices rose in 22 EU states in the first half of 2022, compared with the first half of 2021.

The largest increase (expressed in national currencies) was registered in Czechia (+62%), ahead of Latvia (+59%) and Denmark (+57%).

Data indicates five decreases in household electricity prices: the Netherlands (-54%), Slovenia (-16%), Poland (-3%), Portugal and Hungary (both -1%).

The drops in the Netherlands, Slovenia and Poland were connected to government subsidies and allowances, while in Hungary, prices are regulated.

Average household electricity prices were lowest in the Netherlands (€5.9 per 100 kWh), Hungary (€9.5) and Bulgaria (€10.9) and highest in Denmark (€45.6), Belgium (€33.8), Germany (€32.8) and Italy (€31.2).

Gas prices

Between the first six months of 2021 and the first half of 2022, gas prices increased in 23 of the 24 EU Member States (besides Cyprus, data is also unavailable for Malta and Finland).

Gas prices surged the most in Estonia (+154%), Lithuania (+110%) and Bulgaria (+108%), mainly driven by the cost of energy.

There was only one Member State where natural gas prices for household consumers marginally fell: Hungary (-0.5%), where prices are regulated.

Average household gas prices were lowest in Hungary (€2.9 per 100 kWh), Croatia (€4.1) and Latvia (€4.6) and highest in Sweden (€22.2), Denmark (€16.0) and the Netherlands (€12.9).