Greece has 6th highest electricity price increase

New research has revealed which countries worldwide have had the highest electricity bill increases - Greece has the 6th highest increase in the world. 

The research by BOXT has looked at Government information on electricity and gas prices over the past five years to analyse the impact of the worsening cost of living worldwide and found which countries have had the biggest year-on-year increase. 

Top 10 countries with the biggest electricity bill price increase:

Rank	Country	5 year difference
1	Norway	91%
2	Finland	37%
3	United Kingdom	35%
3	Czech Republic	35%
3	Denmark	35%
6	Greece	31%
7	Netherlands	29%
8	France	28%
9	Poland	23%
10	Ireland	20%

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. 

Further insights:...

Greece | 47% increase in gas price in 5 years

Those living in Greece are experiencing higher gas price increases than most other countries we looked at. In the last five years, the average price for gas has risen by almost half (47%) from 4.07 to 5.99 pence/kWh.

The Greek government has spent around €7 billion in energy subsidies since September 2021 to help domestic consumers, businesses and farmers afford rising electricity and gas bills.

• 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.

• 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.