Electricity prices fell at end of 2023

Average household electricity prices in Cyprus fell to €34.5 per 100 kWh during the second half of 2023 from €37.3, but prices were higher than the previous year when the rate clocked in at €32.6 per 100 kWh.

Electricity and gas bills charges decreased in the EU as a whole in the second half of 2023 but the figures show the charges in Cyprus were significantly above the average across the bloc both in 2023 and 2022.

In the second half of 2023, average household electricity prices in the EU decreased to €28.5 per 100 kWh compared with the first half of the year when they came in at €29.4 per 100 kWh. The EU average also increased slightly in the latter half of 2023 when compared with the second half in 2022 when it was €28.4 per 100 kWh.

Electricity prices dropped in 13 EU countries in the second half of 2023 compared to the previous year and increased in the remaining 14, including Cyprus.

The largest increase (+86 per cent) was reported in the Netherlands followed Czechia (+83 per cent), Poland (+35 per cent) and Germany (+20 per cent).

Average household electricity prices in the second half of 2023 were highest in Germany (€40.2), Ireland (€37.9) and Belgium (€37.8).

Decreases were registered in Denmark (-39 per cent), Spain (-30 per cent) and Sweden (-20 per cent).

Average household electricity prices in the second half of 2023 were lowest in Hungary (€11.3 per 100 kWh), Bulgaria (€11.9) and Malta (€12.8)

Energy, supply and network cost decrease, started in the first quarter of 2023 and continued its downward course, according to Eurostat. For non-household consumers the decrease was more pronounced.

Eurostat said price decreases resulted from market dynamics, but were cancelled out by reducing or removing consumer relief measures at national level.