Electricity and gas prices across the EU experienced a decrease in the latter half of 2023, following a period of surging costs that had been exacerbated by geopolitical tensions surrounding the conflict between Russia and Ukraine.
In the second half of 2023, average household electricity prices in the EU decreased to €28.5 (£24.3) per 100kWh, marking a decline compared to the first half of the same year (€29.4 (£25.1) per 100kWh), albeit still slightly higher than the latter half of 2022 (€28.4 (£24.2) per 100 kWh).
The stabilisation of energy, supply, and network costs in the first semester of 2023 paved the way for a downward trajectory in the subsequent months, although prices remained relatively elevated compared to pre-surge levels.
Similarly, average gas prices for households saw a reduction in the latter half of 2023, dropping to €11.3 (£9.6) per 100kWh from €11.9 (£10.9) in the first half of the year and €11.4 (£9.7) in the latter half of 2022.
This decrease was attributed primarily to lower energy costs, with taxes gradually returning to pre-crisis levels after reductions in 2022.
The decrease in prices was evident across various EU countries, with 13 reporting lower household electricity prices and 17 experiencing reductions in gas prices for non-household consumers.
However, some countries witnessed significant fluctuations in national currency, with the Netherlands, Czechia, Poland and Germany experiencing substantial increases, while Denmark, Spain and Sweden saw notable decreases.
Despite these fluctuations, Hungary, Bulgaria and Malta reported the lowest household electricity prices in the second half of 2023, while Germany, Ireland and Belgium had the highest.
Similarly, gas prices varied widely, with Hungary, Croatia and Romania reporting the lowest prices and Sweden, Ireland, and the Netherlands reporting the highest.
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