Cyprus recorded the second-highest electricity prices relative to consumer purchasing power in the EU during the second half of 2024, according to the latest data published by Eurostat, the EU’s statistical office.
When measured against purchasing power standards (PPS), electricity prices were highest for households in Czechia (41.00), Cyprus (35.70) and Germany (35.23). The lowest PPS-adjusted prices were recorded in Malta (14.33), Luxembourg (15.39) and Hungary (15.45).
In absolute terms, among EU member states, Germany had the highest electricity prices at €39.43 per 100 kWh, followed by Denmark (€37.63) and Ireland (€36.99). The lowest prices were found in Hungary (€10.32), Bulgaria (€12.17) and Malta (€13.01).
Despite stable EU averages, significant price changes were recorded in some countries. Household electricity prices rose sharply in Portugal, increasing by 14.2% compared to the second half of 2023, while Finland saw a 13.6% increase and France 12.9%. Meanwhile, Latvia (-17.8%), the Netherlands (-14.3%) and Belgium (-12.3%) experienced substantial price decreases.
EU prices stabilise after crisis period
At the European level, average household electricity prices in the second half of 2024 remained largely stable, showing a slight decrease to €28.72 per 100 kWh from €28.89 in the first half of 2024. Prices remain significantly above levels recorded before the 2022 energy crisis.
The share of taxes in electricity bills increased slightly from 24.3% to 25.1% in the second half of 2024 due to minor tax increases. Although the overall energy and supply cost in the EU decreased in 2024 compared to 2023, network costs increased in 18 EU countries, resulting in an overall EU network cost increase of 8.9% year-on-year.
Non-household sector shows mixed trends
Electricity prices for non-household consumers also remained generally stable in the second half of 2024, with more countries reporting price decreases than increases. On average, prices excluding VAT remained relatively steady at €18.99 per kWh, showing a marginal increase from €18.67 in the first half of the year.
According to Eurostat, this stability marks “a pause in the downward trend observed over the last 1.5 years,” indicating that “prices have stabilised in the second half of 2024.” Meanwhile, the share of non-recoverable taxes and levies was slightly lower at 15.9%, down from 16.6% in the first half of 2024.
In 19 EU countries, non-household electricity prices decreased, while six countries recorded increases compared to the second half of 2023. Notable decreases were observed in Austria (-18.8%), France (-16.3%) and Belgium (-16.1%), mainly due to lower energy and supply costs. Increases were seen in Portugal (14.7%), Czechia (11.8%) and Denmark (9.8%), primarily attributed to rising network costs and the gradual phasing out of tax reductions and subsidies.
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