The price of electricity and gas for households is decreasing in Europe, but it is still significantly higher than it was a year and a half ago. The prices in Budapest remained the lowest among EU capitals in March, Hungarian business daily Világgazdaság wrote.
Electricity The Cheapest Among EU Countries
According to the March summary of VaasaETT in Finland, residential electricity prices were the lowest in Kyiv, at 4.30 euro cents per kilowatt hour. The Ukrainian capital is followed by Belgrade (9.08), Budapest (9.33), and Podgorica (10.46), which means that Budapest had the cheapest electricity among EU countries last month. VaasaETT’s comparison applies to capitals, not countries, but the data for Budapest is valid for the whole of Hungary due to blanket domestic pricing. This may not necessarily be true for other capitals and countries. In March, the EU average price was 27.47 euro cents per kilowatt hour, which is roughly three times higher than in Hungary. The total European average price was 25.89 euro cents per kilowatt hour. Households pay much less for their electricity (and gas) in Hungary largely as a result of the government’s utility cost reduction programme.
At the other end of the price range are Londoners, Dubliners, and Berliners, who pay 47.6 euro cents, 47.12 euro cents, and 44.09 euro cents per kilowatt hour respectively for electricity. The residential electricity prices increased last month in four capitals, with Helsinki experiencing the largest increase of 14 per cent. The energy prices increased in Helsinki, Nicosia (2 per cent), and Brussels (1 per cent), while in Paris, (1 per cent) the increase is due to the transportation of energy becoming more expensive. In twelve capitals, the tariff decreased, with the largest reductions occurring in Rome (14 per cent) and Vienna (8 per cent). The reduction of energy tax also had an impact in Dublin, Madrid, and Athens.
Gas Is Also The Cheapest In Budapest
Budapest held the ‘lowest EU tariff’ title regarding gas as well, with a price of 2.56 euro cents per cubic metres. The lowest tariff was achieved in non-EU member Kyiv, with a mere 2.01 euro cents per cubic metre. The Union average price for gas was 12.34 euro cents, while the European average was 11.82 euro cents. However, in Stockholm, the cost of one cubic metre of residential gas was 29.81 euro cents, although gas is used in relatively few households in Sweden. Vienna was the second most expensive capital for gas at 22.78 euro cents per cubic metre, followed by Amsterdam at 17.57 euro cents. Among the region’s capitals, only Prague exceeded the European average. Gas prices mostly fell in Europe compared to the previous month, except for Vienna, where a 9 per cent increase was recorded.