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.
The countries with the highest electricity prices
Rank Country Price – pence per kWh 1 United Kingdom 19.31 2 Ireland 18.99 3 Spain 18.51 3 Belgium 16.34 3 Japan 15.64 6 Australia 14.01 7 Switzerland 14.00 8 Netherlands 13.98 9 Germany 13.58 10 Czech Republic 12.69
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:
Rank Country 5 year difference 1 Norway 91 per cent 2 Finland 37 per cent 3 United Kingdom 35 per cent 3 Czech Republic 35 per cent 3 Denmark 35 per cent 6 Greece 31 per cent 7 Netherlands 29 per cent 8 France 28 per cent 9 Poland 23 per cent 10 Ireland 20 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.
"Prices have increased due to Russia".And no doubt -like Big Oil- suppliers will announce record pro
...profits next year. And that will also be due/thanks to Russia no doubt.
And forget the usual empty talk about "windfall taxes" - oil companies and electricity suppliers will continue to hand out bloated windfall bonuses to their legions of cynically opportunistic CEO's.
It must be clear to everyone,surely, that viral, universal opportunistic cynical price-gouging is being used and tolerated if not encouraged by our mis-leaders in order to ignite even more anti-Russian rage. Propaganda in painful physical form.
Hey folks/suckers - almost everything costs at least 20% more than in January because of madman Putin's wickedly illegal invasion of peace-loving Ukraine.
So remember to hate him 10% more(+VAT) with every additional gratuitous 10% price-hike yet to come.
And don't forget - as Covid-19 clearly showed - your leaders do really, truly, deeply care about your health and well-being.
Re: Revealed: Brits are paying the highest electricity bills in the entire world
For NZ the mean price is around 33 c/kWh = 16p / kWh. (It varies from 44c/kWh in Kerikeri, to 29c/kWh in Ashburton - significant difference, for which reason I am unsure. - there may be a geographical component, but it's not at all obvious what this might be) Bear in mind though that 60% of more of our power comes from hydro, which costs just 3c/kWh to produce. In our market, like yours, we pay the highest marginal cost, and provide huge profits to low cost providers - it is crazy) You will not find this figure on the internet easily, as it is a closely guarded secret by some of the power companies. Since the neoliberal electricity reforms of the 1980s, which included privatisation of retail electric and partial privatisation of generators, domestic electricity prices have tripled in inflation adjusted terms since 1974, most since the reforms. Industrial and commercial consumers prices have stayed static or even fallen in inflation adjusted terms. This was at least partly deliberate, as the companies complained that domestic consumers were getting subsidies from the commercial sector. All very well, but that's not an effective way to promote efficiency in the commercial sector and it is a very regressive form of pricing for the poorer consumers. Those "subsidies" so-called were a pricing mechanism with a serious social benefit. It's worth reading Yanis Varoufakis in regard to the electricity "market" in Europe, the UK, and this includes countries like NZ and Australia who have introduced much the same reforms. For instance; https://braveneweurope.com/yanis-varoufakis-should-electricity-markets-be-reformed-or-disbanded
on November 19, 2022, 9:49 pm