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Easing Inflation Sparks Bullish Sentiment in Oil Markets

Easing Inflation Sparks Bullish Sentiment in Oil Markets

Easing Inflation Sparks Bullish Sentiment…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

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UK Citizens Pay The Highest Electricity Bills In The World

  • A study on government electricity and gas price data reveals that Brits pay the world's highest energy bills.
  • Norway is the country with by far the biggest increase in electricity prices worldwide
  • The UK’s energy price cap was recently raised from 28p to 34p per kWh.
Energy

New research reveals that the UK has the highest electricity bills. Brits pay more for their power than anywhere else on the planet.

A new study looked at 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. The data, compiled by BOXT, was shared with City A.M. today

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 coronavirus pandemic.

Ireland

The UK’s neighbours in the Republic of Ireland have the second highest electricity cost, paying 18.99p per kWh. That’s 53 per cent 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.

The countries with the highest electricity prices 

Rank

Country

Price – pence per kWh

1

United Kingdom

19.31

2

Ireland

18.99

3

Spain

18.51

3

Belgium

16.34

3

Japan

15.64

6

Australia

14.01

7

Switzerland

14.00

8

Netherlands

13.98

9

Germany

13.58

10

Czech Republic

12.69


Residents of Spain are 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).

Norway is the country with by far the biggest increase in electricity prices worldwide – 91 per cent increase in electricity cost in pence/kWh since 2016. 

Top 10 countries with the biggest electricity bill price increase:

Rank

Country

5 year difference

1

Norway

91 per cent

2

Finland

37 per cent

3

United Kingdom

35 per cent

3

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Czech Republic

35 per cent

3

Denmark

35 per cent

6

Greece

31 per cent

7

Netherlands

29 per cent

8

France

28 per cent

9

Poland

23 per cent

10

Ireland

20 per cent

 

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. 

By CityAM

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