Electricity cost rise in Greece among EU’s highest in 2014

The cost of electricity in Europe rose in 2014, while Greece registered one of the highest increases among all EU member states, according to a report released today by Eurostat, the EU’s statistical service.

On average, the cost of electricity in the EU rose by an average of 2.9 percent between the second half of 2013 and the second half of 2014, reaching 20.8 euros per 100 kWh, the report noted.

In its report, Eurostat pointed out that electricity prices have increased by over 30 percent in the EU since 2008.

Comparing electricity price levels for consumers among member states, they ranged from 9 euros per 100 kWh in Bulgaria to over 30 euros per 100 kWh in Denmark.

The largest increase between the second half of 2013 and the second half of 2014 was registered in France, where the cost of electricity rose by 10.2 percent, followed by Luxembourg, with a 5.6 percent rise, Ireland, with a 5.4% increase, Greece, where the cost of power cost increased by 5.2 percent, Portugal, where the jump measured 4.7 percent, the UK, at 4.6 percent, and Spain, with a 4.1 percent increase.

The proportion of tax levied on electricity bills in Greece was equal to that of the EU average, this being 32 percent. Tax levied on power bills was lower in Cyprus, at 19 percent. The highest tax proportion on electricity bills was registered in Denmark and Germany, with rates of 57 percent and 52 percent, respectively.

The Eurostat report also noted that natural gas prices in the EU have risen by 35 percent since 2008, now ranging from 3 euros per 100 kWh in Romania to 11 euros per 100 kWh in Sweden.

The highest natural gas price increase for households, between the second half of 2013 and the second half of 2014, was recorded in Portugal (+11.4%), followed by Spain (+7.5%), and France (+4.5%), while the biggest reductions were registered in Lithuania (-18.6%), Hungary (-13%), Slovenia (-10.7%), Denmark (-10.3%), and Greece (-10.1%).