Eurostat: Cyprus has second highest electricity prices in Europe compared to purchasing power

Cyprus had the second highest prices for household electricity during the second half of 2024 in relation to the purchasing power of consumers, according to data on electricity prices released by Eurostat.

Expressed in purchasing power standard (PPS), electricity prices were the highest for households in Czechia (€41.00), Cyprus (€35.70) and Germany (€35.23). The lowest prices based on PPS were observed in Malta (€14.33), Luxembourg (€15.39) and Hungary (€15.45).

In absolute numbers, Germany reported the highest electricity prices among the EU member states at €39.43 per 100 kWh, followed by Denmark (€37.63) and Ireland (€36.99). In contrast, the lowest prices were observed in Hungary (€10.32), Bulgaria (€12.17) and Malta (€13.01).

Despite stable EU averages, national currency comparisons indicate significant price movements in some countries.

Household electricity prices surged in Portugal (+14.2% compared with the second semester of 2023), Finland (+13.6%), and France (+12.9%). Meanwhile, countries like Latvia (-17.8%), the Netherlands (-14.3%), and Belgium (-12.3%) experienced substantial price reductions.

Across the EU, average electricity prices for households during the second half of 2024 remained largely stable, with a slight decrease to €28.72 per 100 kWh from €28.89 in the first half of 2024. These price levels remain well above those from before the 2022 energy crisis.

In 2024, the share of taxes in electricity bills rose slightly from 24.3% to 25.1% in the second semester due to minor tax increases. Although overall EU energy and supply costs declined in 2024 compared with 2023, network costs increased in 18 EU countries, resulting in an overall rise in EU network costs of 8.9% from the previous year.