New research has put the UK at the top of the league – but not in a good way. The research, by BOXT, concludes that we have the highest electricity bills in the world.
Researchers studied 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.
Countries with the highest electricity prices
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 pandemic.
The UK’s neighbours in the Republic of Ireland have the second-highest electricity cost, paying 18.99p per kWh. That’s 53% 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 ar 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).
Top 10 countries with the biggest electricity bill price increase:
Rank |
Country |
5 year difference |
1 |
Norway |
91% |
2 |
Finland |
37% |
3 |
United Kingdom |
35% |
3 |
Czech Republic |
35% |
3 |
Denmark |
35% |
6 |
Greece |
31% |
7 |
Netherlands |
29% |
8 |
France |
28% |
9 |
Poland |
23% |
10 |
Ireland |
20% |
Norway is the country with by far the biggest increase in electricity prices worldwide – a 91% increase in electricity cost in pence/kWh since 2016.
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.
