Estonia's electricity, natgas price growth among smoothest in EU in 2022

TALLINN - In the second half of 2022, household electricity prices more than doubled on year in some EU states with natural gas prices growing nearly three times in some countries, whereas in Estonia, the price hikes were smoother, landing the state among the group of EU countries where the price of electricity rose from 25 to 55 percent and among those where natural gas price grew between 25 and 50 percent, according to figures available from Eurostat.

In the second half of 2022, average household electricity prices in the EU continued to show a sharp increase compared with the same period in 2021, from 23.5 euros per 100 kWh to 28.4 euros per 100 kWh. Average gas prices also increased compared with the same period in 2021 from 7.8 euros per 100 kWh to 11.4 euros per 100 kWh in the second half of 2022. These prices are the highest on Eurostat’s record. 

Household electricity prices rose in all EU members, except Malta, -3 percent, and the Netherlands, -7 percent, in the second half of 2022, compared with the same period of 2021. Prices in Malta are regulated, while the Dutch government supports consumers with lump sums and taxes reduction, according to Eurostat.

The highest increases were recorded in Romania, 112 percent, Czechia, 97 percent, Denmark, 70 percent, Lithuania, 65 percent, and Latvia, 59 percent, while the lowest were in Luxembourg, 3 percent, Austria and Germany, both 4 percent, and Poland and Bulgaria, both 5 percent. 

Expressed in euro, average household electricity prices in the second half of 2022 were lowest in Hungary at 10.8 euros per 100 kWh, Bulgaria, 11.5 euros, and Malta, 12.8 euros, and highest in Denmark 58.7 euros, Belgium, 44.9 euros, and Ireland, 42 euros.

Between the second half of 2021 and the second half of 2022, gas prices increased in all 27 EU countries. Gas prices surged the most in Czechia, 231 percent, Romania, 165 percent, Latvia, 157 percent, Lithuania, 112 percent, and Belgium, 102 percent. There were only two increases below 20 percent -- Croatia, 14 percent, and Slovakia, 8 percent. All price increases are from the energy and supply component, mainly driven by the recent energy crisis.  

Expressed in euro, average household gas prices in the second half of 2022 were lowest in Hungary, 3.5 euros per 100 kWh, Croatia, 4.5 euros, and Slovakia, 4.9 euros, and highest in Sweden, 27.5 euros, Denmark, 20.8 euros, and the Netherlands, 19.3 euros. The price of natural gas for households in Sweden was 157 percent higher than the EU average price. However, natural gas use in Sweden is very limited.