New research reveals that the UK has the highest electricity bills. Brits pay more for their power than anywhere else on the planet.
A new study looked at Government data on electricity and gas prices from the past five years to analyse the impact of the worsening cost of living crisis and discover which countries have had the biggest year-on-year increase in energy prices. The data, compiled by BOXT, was shared with City A.M. today
The UK’s energy price cap was recently raised from 28p to 34p per kWh.
Much like the rest of the world, prices have increased due to reduced supply from Russia due to the Ukraine conflict, as well as the after-effects of the coronavirus pandemic.
Ireland
The UK’s neighbours in the Republic of Ireland have the second highest electricity cost, paying 18.99p per kWh. That’s 53 per cent more expensive than the average of these 24 countries.
However, prices are slightly more affordable when it comes to gas in Ireland, which stands at 5.21p per kWh.
Residents of Spain are paying an average of 18.51p per kWh. Electricity prices in Spain recently hit a historical high and were recently capped at €130 (£112) per megawatt hour, down from €210 (£181).
Norway is the country with by far the biggest increase in electricity prices worldwide – 91 per cent increase in electricity cost in pence/kWh since 2016.
Top 10 countries with the biggest electricity bill price increase:
RankCountry5 year difference 1Norway91 per cent 2Finland37 per cent 3United Kingdom35 per cent 3Czech Republic35 per cent 3Denmark35 per cent 6Greece31 per cent 7Netherlands29 per cent 8France28 per cent 9Poland23 per cent 10Ireland20 per cent
The second highest electricity rises are in Finland – Since 2016, Finnish residents have seen their electricity bills increase by almost two-fifths (37%) on average.
Tied in third place are the Czech Republic, Denmark, and the United Kingdom, with a 35% increase in electricity prices.