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Electricity, electricity, fuel and gas – price increases in Europe

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Since the beginning of October, gas and electricity prices have soared in many European countries, including Italy, France and the United Kingdom. The average French household will spend 800 euros more on gas this year, and the Italian household will spend 355 euros more on electricity and gas. In addition, fuel prices are also rising – the fastest in Hungary, where gas has to be paid for nearly 30 percent more than in 2020.

Increases in fuel, energy and gas prices in Europe

In Italy, on October 1, the price of electricity increased by almost 30 percent, and gas by about 14 percent. Consumer rights associations have calculated that Italians will pay EUR 355 more a year for electricity and gas. The government of Mario Draghi will allocate EUR 3 billion to offset the effects of the increases for the poorest families. 3 million households will receive a reduction in electricity bills, and 2.5 million – for gas. As a result, the effects of the increases will be almost imperceptible for the poorest families. According to the national energy regulator, without state intervention, the increases would have to be even higher. The government also announced support for small businesses. In the last quarter of 2021, fuel is expected to become more expensive by 20%. This means that each family will spend EUR 799 more on fuel per year, estimates the consumer organization Codacons.

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In France, since October 1, the price of gas for individual consumers has increased by 12.6 percent. Since January, the price of gas has increased by 57%, which means an average expenditure of EUR 800 per year. Prime Minister Jean Castex announced that the government would take steps to block further increases in gas prices by April 2022. The prime minister also announced a reduction to 4 percent. Another increase in electricity prices planned for February 2022, which was also expected to increase by 12 percent. A measure mitigating this increase is a reduction in the tax on electricity. The Minister of Economy and Finance, Bruno Le Maire, did not rule out measures aimed at curbing the growth of fuel prices.

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In Great Britain there is a limit on energy prices, which from October 1 was raised by approx. 12%. For the standard tariff with average energy consumption, that means an annual increase in tariffs of £ 139. In addition, it is likely that from April 2022 the limit will be raised again – according to analysts, the price increase could be as high as 400 pounds per year for the standard tariff. The average price of unleaded gasoline in September was over 19 percent. higher than the year before, diesel – by nearly 18 percent.

Higher prices from Poland’s neighbors

In Germany, 38 gas suppliers announced that the price of this raw material for consumers will increase in the last quarter of this year. by an average of 13 percent – reports the portal Verivox. In the first half of 2021, the average household had to pay 4.7% for electricity and gas. more than in the second half of 2020. According to Verivox, the electricity price has increased by 6.6% over the last year.

In the Czech Republic, the increase in electricity prices is so far mainly visible in wholesale prices. Contracts for the supply of electricity in 2022 increased compared to the beginning of this year. by over 150 percent Some companies have already announced changes in price lists for individual customers. Prime Minister Andrej Babisz declared during the campaign ahead of the two-day parliamentary elections starting on Friday that the government is ready to temporarily abolish VAT on electricity for households, which would prevent increases. Experts point out that such a step would require the approval of the European Commission.

In Slovakia, commentators and politicians assure that the increase in wholesale gas and electricity prices will not translate quickly to individual customers. Deputy Prime Minister, Minister of Economy Richard Sulik believes that in 2022 the price of electricity for households will increase by no more than 10 percent, and gas by 18 percent. However, he predicts that the increases in 2023 may be much higher.

Electricity, gas and fuels – higher prices in Europe

In Hungary, households have not yet experienced an increase in electricity and gas prices as tariffs are controlled by the state. According to the data of the Hungarian Regulatory Authority for Energy and Public Utilities, the public gas price in Budapest was the lowest in the EU in August (3.2 cents / kWh), and the energy price was among the lowest (11.69 euro cents / kWh). According to the Globalpetrolprices portal, in the first half of this year. In Hungary, fuel prices increased the most in Europe. The current price of gasoline is up 29.3 percent. higher than a year ago, the price of diesel fuel increased by 36 percent.

In Belgium, household bills for electricity and gas may increase by over EUR 700 this year, reported VRT television, citing data from the CREG market regulator. A month ago, the cost of these increases was estimated at 600 euros per year. According to current forecasts, the average Belgian family will pay nearly EUR 600 more for gas and EUR 116 more for electricity. According to VRT, the government is considering a temporary reduction in VAT on energy or a price freeze.

In the Netherlands, the average household is faced with an increase in gas bills of 1,000 euros a year, estimated Rabobank last week.

In Spain, wholesale energy prices have increased by more than half over the past week, reaching an all-time high. The government asked the European Commission to carry out a reform resulting in a reduction in prices and to coordinate gas purchases for EU countries. In neighboring Portugal, the price of electricity on the wholesale energy market is also breaking historical records.

Russian gas in the European UnionPAP / Adam Ziemienowicz

Main photo source: Shutterstock



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