Electricity prices up by 32 per cent

Electricity prices rose sharply – by almost a third – in Cyprus during the first half of the year, according to data just released by Eurostat.

The data show a 32 per cent increase, from €19.8 per 100 kWh during the first six months of 2021 to €26.1 per 100 kWh during the same period in 2022.

Meanwhile across the EU average household electricity prices likewise increased substantially compared to the same period in 2021, from €22.0 per 100 kWh to €25.3 per 100 kWh.

Average gas prices in the EU also went up compared with the same period in 2021, from €6.4 per 100 kWh to €8.6 per 100 kWh in the first half of 2022.

Wholesale prices for electricity and gas shot up across the EU. The hike is attributed to energy and supply costs impacted by the current geopolitical situation and the Russian military intervention in Ukraine.

Compared with a year ago, the weight of taxes and levies in the final electricity and gas bills charged to households in the EU in the first half of 2022, dropped significantly as EU member states put in place governmental allowances and subsidies to mitigate high energy costs.

Compared with the first half of 2021, the share of taxes in the electricity bill dropped sharply from 39 per cent to 24 per cent, and in the gas bill from 36 per cent to 27 per cent.

Electricity prices were up in all member states except five. The largest increases (expressed in national currencies) was registered in the Czech Republic (+62 per cent), then Latvia (+59 per cent) and Denmark (+57 per cent).

Household electricity prices dropped in the Netherlands (-54 per cent), Slovenia (-16 percent), Poland (-3 per cent), and Portugal and Hungary (both -1 per cent).

The decreases in the Netherlands, Slovenia and Poland were linked to government subsidies and allowances, while in Hungary prices are regulated.