Germany has been identified as the European country with the highest electricity prices at €416.20 per MWh, the Swedish price comparison company Finansvalp said in a comment emailed to bne IntelliNews on January 9.

• Belgium and Ireland also rank among the top three European countries paying the most for electricity.
• Hungary was found to have the lowest electricity prices in Europe, at €110.90 per MWh.

New research has named the European countries with the highest electricity prices, with Germany topping the list.

The study, conducted by banking experts at Finansvalp, analysed Eurostat data on electricity prices throughout the second half of 2023 to identify the European countries paying the most for electricity.

According to the findings, Germany has the highest electricity prices in Europe, costing €416.20 per MWh, which is 69% higher than the European average of €245.78 per MWh.

Belgium is the European country with the second-highest electricity prices, paying €377.20 per MWh – 53% above the European average.

Ireland ranks third, with electricity costing €374.60 per MWh, which is 52% higher than the European average.

At the other end of the scale, Hungary is the country paying the least for electricity, costing €110.90 per MWh, which is 55% less than the European average.

Bulgaria has the second-lowest electricity prices, paying €119.40 per MWh – 51% below the European average.

Norway ranks third, with electricity costing 51% less than the European average at €121.10 per MWh.

Commenting on the findings, Olle Pettersson, CEO of Finansvalp says,

“It’s interesting to see which countries are dealing with the highest and lowest electricity prices in Europe.

“Hungary and Bulgaria both have a history of relatively low electricity prices, as their government implemented price control policies help to maintain more affordable costs.

“However, their lower costs are also influenced by the countries’ reliance on coal and nuclear power, which are cheaper than renewable energy sources.

“In comparison, Germany and Belgium rely heavily on natural gas for power generation.

“Cutting back on their nuclear and coal capacity, combined with the wider European energy crisis, has resulted in the countries’ residents dealing with especially high costs.”

European countries ranked by electricity prices 

Rank	Country	Electricity price (euro per MWh, incl. taxes)
1.	Germany	€416.20
2.	Belgium	€377.20
3.	Ireland	€374.60
4.	Italy	€361.90
5.	Liechtenstein	€355.70
6.	Cyprus	€351.90
7.	Denmark	€307.60
8.	Euro Area	€305.40
9.	Latvia	€304.00
10.	Czechia	€303.90
11.	Austria	€288.50
12.	European Union	€285.00
13.	Spain	€255.20
14.	France	€251.30
15.	Greece	€246.30
16.	Portugal	€239.50
17.	Lithuania	€231.30
18.	Poland	€229.10
19.	Estonia	€219.20
20.	Netherlands	€213.70
21.	Slovenia	€206.20
22.	Finland	€204.20
23.	Slovakia	€196.70
24.	Luxembourg	€190.90
25.	Sweden	€187.00
26.	Romania	€178.20
27.	Croatia	€154.30
28.	Malta	€147.10
29.	Iceland	€131.50
30.	Norway	€121.10
31.	Bulgaria	€119.40
32.	Hungary	€110.90
Source: Eurostat

 

The 10 European countries with the lowest electricity prices 

Rank	Country	Electricity price (euro per MWh, incl. taxes)
1.	Hungary	€110.90
2.	Bulgaria	€119.40
3.	Norway	€121.10
4.	Iceland	€131.50
5.	Malta	€147.10
6.	Croatia	€154.30
7.	Romania	€178.20
8.	Sweden	€187.00
9.	Luxembourg	€190.90
10.	Slovakia	€196.70
Source: Eurostat