Eurostat: Electricity prices up by 32% in Cyprus

In the first half of 2022, average household electricity prices in the European Union increased sharply compared with the same period in 2021, from 22.0 euros per 100 kWh to 25.3 euros per 100 kWh, according to data released by Eurostat, the statistical service of the EU.

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

Average gas prices in the EU also increased compared with the same period in 2021 from €6.4 per 100 kWh to €8.6 per 100 kWh in the first half of 2022.

Wholesale prices for electricity and gas have increased substantially across the EU. Energy and supply costs impacted by the current geopolitical situation, the Russian military aggression in Ukraine, mainly drove the increase.

Compared with a year ago, the weight of taxes and levies in the final electricity and gas bills charged to households in the EU in the first half of 2022 decreased significantly as Member States put in place governmental 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).

Electricity prices up in all Member States except five

Household electricity prices rose in 22 EU Member 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 among Member States: 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.

Expressed in euro, average household electricity prices in the first half of 2022 were lowest in the Netherlands (5.9 euro 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 up in nearly all EU Member States, no data available for Cyprus, Malta and Finland

Between the first half of 2021 and the first half of 2022, gas prices increased in 23 of the 24 EU Member States for which data are available (besides Cyprus, data is also not available 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 in the same period: Hungary (-0.5%), where prices are regulated.

Expressed in euro, average household gas prices in the first half of 2022 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).