Electricity prices in Cyprus decreased during 2nd half of 2023

Electricity and gas bills decreased in the second half of 2023 in the EU, as well as Cyprus, after the increase which started before the Russian invasion of Ukraine and continued increasing rapidly through 2022, according to data released by Eurostat.

In the second half of 2023, average household electricity prices in the EU decreased (28.5 euro per 100 kWh) when compared with the first half (29.4 euro per 100 kWh), and increased slightly compared with the second half in 2022 (28.4 euro per 100 kWh).

The cost of energy, supply and network, stabilised in the first semester of 2023, show a decrease in the second, still remaining at high levels, compared to cost before the price peak in 2022.

In Cyprus, average household electricity prices decreased (34.5 euro per 100 kWh) during the second half of 2023 compared with the first half (37.3 euro per 100 kWh), but remained increased compared to the second half in 2022 (32.6 euro per 100 kWh).

Average gas prices for households in the EU in the second half of 2023 decreased (11.3 euro per 100 kWh) when compared with the first half of 2023 (11.9 euro per 100 kWh) and the second half of 2022 (11.4 euro per 100 kWh).

Energy, supply and network cost decrease, started already in the first semester of 2023, continued its downward course. For non-household consumers this decrease is more pronounced, showing better conditions for the industry.

Electricity prices dropped in 13 EU countries

Data also show that household electricity prices decreased in 13 EU countries and increased in the rest of the countries in the second half of 2023 compared with the first half of 2022.

For non-household consumers the prices during the second semester 2023, decreased in 17 countries, resulting in a -4.6% drop in the EU.

Price decreases resulted from market dynamics, but were partly offset by reducing or removing consumer alleviation measures at national level.

In national currency, the largest increase (+86%) was reported in the Netherlands. Large increases in national currency were also registered in Czechia (+83%), Poland (+35%) and Germany (+20%).

Large decreases in national currency were registered in Denmark (-39%), Spain (-30%) and Sweden (-20%).

Expressed in euro, average household electricity prices in the second half of 2023 were lowest in Hungary (11.3 euro per 100 kWh), Bulgaria (11.9) and Malta (12.8) and highest in Germany (40.2), Ireland (37.9) and Belgium (437.8).

Gas prices decrease, largest decrease in Greece

Gas prices for the household consumers decreased in the second half of 2023, resulting mostly from lower energy cost and to a lesser extent from taxes, which are gradually returning to pre-crisis levels after generous reductions in 2022.

For the non-household consumers, reductions in gas prices were more evident in the second half of 2023.

Between the second half of 2022 and the second half of 2023, gas prices (in national currencies) increased the most in Lithuania (+68%) and decreased the most in Denmark (-39%).

For household consumers, in total, 12 countries reported increases, while the other 12 using gas, reported price decreases.

In the industry sector, all but three countries reported decreases, indicating a clear downward trend of gas price levels.

Poland (+32%), Slovakia and Germany (both +22%) followed with the highest surges in prices, while Greece (-42%), Denmark (-41%) and Bulgaria (-40%) had the highest decreases.

Expressed in euro, average household gas prices in the first half of 2023 were lowest in Hungary (3.3 euro per 100 kWh), Croatia (4.6 euro) and Romania (5.6 euro) and highest in Sweden (20.7 euro), Ireland (16.4 euro) and the Netherlands (24.8 euro).

(Source: CNA)