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Research Reveals the Increase in the Gas Prices Worldwide

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It’s no secret that many countries are experiencing an energy crisis, with prices soaring in recent months. Many homes are looking for ways to reduce their energy bills, from upgrading to a more energy-efficient boiler to getting home cover to avoid unexpected bills in the event of a breakdown. Earlier this year the UK government announced a £400 non-repayable discount to most UK households, in an effort to help consumers with their energy bills over winter.

With the cost of energy soaring in the UK, BOXT wanted to find out how this compares to rising prices in countries in the International Energy Agency (IEA).

BOXT looked at government information to find out how much electricity and gas prices have increased in the last five years. They also looked into the measures each government is taking to help households deal with the energy crisis, comparing their response to that of the government in the UK.

Top 10 countries with the biggest gas price increase:

Rank
Country
5 year difference
1
Denmark
89%
2
Sweden
88%
3
Greece
47%
4
Netherlands
32%
5
Italy
30%
6
Luxembourg
20%
7
Spain
18%
8
Belgium
15%
9
Canada
14%
10
Czech Republic
11%

Norway is the country with the biggest increase in electricity prices worldwide – 91% increase in electricity cost in pence/kWh since 2016. To help residents cope with rising energy prices, the Norwegian government is covering 80% of the portion of electricity price that exceeds NOK 0.70 per kWh at least until March 2023. From October to December of 2022, that percentage has increased to 90%.

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. To combat soaring prices, the government in Finland recently cut electricity VAT from 24% to 10% and also announced plans to offer €10 billion of liquidity guarantees to the energy sector, in an effort to prevent a nationwide financial crisis.

Tied in third place are the Czech Republic, Denmark, and the United Kingdom with 35% increases in electricity prices. The unit price for electricity in these countries has risen by over a third (35%) in the last five years. 

Top 10 countries with the highest gas prices:

Rank
Country
5 year difference
1
Sweden
9.54
2
New Zealand
6.35
3
Spain
6.18
3
Greece
5.99
3
Switzerland
5.88
6
Italy
5.41
7
Ireland
5.21
8
France
4.81
9
Portugal
4.75
10
Denmark
4.61

The most expensive country overall for gas prices is Sweden, where residents pay an average of 9.54p per kWh. Sweden enacts a carbon tax, which has successfully helped to lower the country’s emissions but leads to these higher costs.

In second place, although some distance behind Sweden, is New Zealand, where gas costs an average of 6.35 pence per kWh. The New Zealand Commerce Commission recently announced that gas companies would be able to charge higher rates, with customers expected to pay an extra NZ$200 (£100) over the next four years.

Spain has the third highest cost when it comes to gas, at 6.18p per kWh.

Further insights:

  • Spain ranks third for both the highest costs for electricity and gas prices in the world. Spain is paying an average of 18.51p per kWh for electricity. Recently electricity prices in Spain hit a historic high and were recently capped at €130 (£112) per megawatt hour, down from €210 (£181). Also, the third highest cost when it comes to gas, at 6.18p per kWh.
  • The United Kingdom has the highest electricity prices overall, with Brits paying 19.31 pence 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.
  • Denmark has witnessed the highest price increase in gas unit charges in the last five years. From 2.44 to 4.61 pence/kWh, the average price has risen by 89%. Denmark is also one of the countries with the highest increases in electricity prices over the past five years.

You can view the full research here.

Original article: Research Reveals the Increase in the Gas Prices Worldwide

©2022 Midas Letter. All Rights Reserved.



Source: https://midasletter.com/2022/11/research-reveals-the-increase-in-the-gas-prices-worldwide/


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