Czech Republic Saw Biggest Electricity Price Increase in Entire EU

Published: 12.12.2022 Related countries:  Czech Republic Czech Republic

European households are feeling the pain from higher gas and electricity prices, but some nations are worse off than others.

The average price of electricity in the European Union rose sharply year-on-year in the first half of the year, but the Czech Republic saw the biggest increase, amounting to 62 percent, according to data published on the 1st of November by the European statistical office Eurostat.

Analysts ascribe the 62 percent rise to speculation on the energy exchange and limited state action.

According to ENA analyst and executive director of the Association of Independent Energy Suppliers Jiri Gavor, the statistics for the first half of the year show that unlike other EU countries, the Czech government avoided across-the-board forms of aid.

Electricity prices rose steeply despite the fact that Czechia exports electricity and the CEZ Group is one of the largest energy groups in Europe, having produced 55.9 terawatt hours of electricity last year.

Behind the Czech Republic was Latvia with an increase of 59 percent and Denmark at 57 percent. Russia’s invasion has significantly influenced energy prices upward, with European households paying €25.30 for 100 kilowatt-hours (kWh) in 2022, while in the same period last year, it was €22 per 100 kWh.

Household customers benefited from lower electricity prices in the Netherlands (-54 percent), Slovenia (-16 percent), Poland (-3 percent), Portugal, and Hungary (-1 percent).

The declines in the Netherlands, Slovenia, and Poland were related to government subsidies and allowances while Hungary regulates electricity prices.

Gas prices in the EU also increased. The average gas price in the EU increased from €6.40 per 100 kWh to €8.60 per 100 kWh compared to the same period in 2021.

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.

Household gas prices rose the most in Estonia (154 percent), Lithuania (110 percent), and Bulgaria (108 percent). The Czech Republic ranks tenth on the list of gas price increases for households.

Only in Hungary, where regulation is in place, gas prices fell by half a percent.

Delivered by CzechTrade team Canada
Source: Prague Morning