Where are the lowest electricity prices in Europe?

Where are the lowest electricity prices in Europe?

Which electricity supplier is the cheapest? This question has been on the minds of Europeans since the start of the energy crisis in 2021. In this article, you will discover huge differences between European countries since the introduction of support measures. We have compared the prices of electricity contracts for private customers in 20 countries. The price of the cheapest electricity contract can vary by 870% depending on the country. Greece has the cheapest electricity tariffs (78€/year for 1000 kWh), and Ireland is the most expensive (682€/year for 1000 kWh).

If you only have 30 seconds

  • We compared about 1000 contracts for the supply of 1000 Kwh / year of electricity to individuals in 20 different countries
  • The cheapest contracts range from 78€ / year in Greece to 682€ in Ireland
  • The average for the cheapest contracts is 347€/year. The following countries are above this average: Lithuania, Italy, Ireland, Finland, Belgium, Austria, Germany
  • Remarkable differences exist for the same country. In Greece, the most expensive contract costs 14.16 more than the cheapest. In Luxembourg, the difference is only 1.28.
  • The most expensive contract is ForGreen S.p.a. in Italy, which proposes a contract of 2389,46€ for 1000 kWh

Summary


Methodology for comparing electricity suppliers

We reviewed about 1000 electricity supply contracts in 20 European countries to realize this research. We relied on two sources of information.

  • official comparators made available by the authorities when they existed
  • commercial comparators when official comparators were not available

The list of comparators used is available at the end of this article.

The comparison of electricity prices was based on a single consumption estimate: 1000 kWh/year. This corresponds to the consumption of a single person in a small apartment (<50m²) for which the heating is not electric.

We have systematically indicated the capital of the country in question as the delivery point. Prices can indeed vary from one region to another.

When differentiated tariffs were available, we indicated consumption of 500 kWh in day tariff and 500 kWh in night tariff.

For each country, we have noted:

  • the cheapest tariff, excluding the supplier’s promotion
  • the most expensive tariff

and then calculated an average price per kWh. The prices were recorded on 17/09/22.

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Where are the cheapest electricity suppliers in Europe?

We were surprised that electricity prices vary greatly between European Union countries. In this period of an energy crisis, different mechanisms have been put in place to help citizens. These aids are reflected in the tariffs proposed.

Very important differences from one country to another

The aid policies of the EU countries have created very different situations. The first remarkable thing is the very large differences from one country to another. The cheapest electricity contract is 8 times more expensive in Ireland than in Greece

Greece, the country with the cheapest electricity

In Greece, government support reaches €0.639/kWh, which means that residents currently enjoy the cheapest electricity in Europe. The company ΕΛΙΝΟΙΛ can thus propose a contract at a price that defies all competition: €78/year.

Ireland, Italy, Germany: the countries where electricity is the most expensive

Ireland is the country where people are least well off. This explains why the price per kWh in Ireland is so high (0.68€). Measures are being researched but have not yet been implemented.
The situation is not much better in Germany (0.66€) and Italy (0.64€).

An average of 347€/year for the cheapest contracts

As this is a commodity, we thought it would be interesting to average out the cheapest contracts. The average price of the cheapest electricity is 347€/year in the 20 countries studied.

The following countries are above the average: Lithuania (424€), Italy (636€), Ireland (682€), Finland (374€), Belgium (454€), Austria (522€), and Germany (667€).

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Where are the most expensive electricity suppliers in Europe?

At the other end of the spectrum, there are also the most expensive electricity contracts.
As the market has been liberalized, small companies have entered certain markets to establish themselves as alternative suppliers. Their business model is based on buying significant quantities from producers and reselling them to individuals or SMEs. This model works when prices are stable but leads to disaster when wholesale prices rise, and they cannot pass these increases on to end customers. Several high-profile bankruptcies have already occurred. In France, Hydroption and Bulb Energie have gone bankrupt.


147 offers in Italy … and a contract at nearly 2400€/year!

Italy is the country where we found the most offers: 147. Some are proposed by small companies, structured as Srl (limited liability company).

The contracts proposed are sometimes not very competitive or even prohibitive, such as ForGreen S.p.a. This is a fixed price contract (one of the last on the market). Uncertainty on wholesale price variations comes at a high price. If you don’t want to be affected by these variations for 1 year, it will cost you 2,39€ per kWh.


In some countries, the price differences are reduced

While the differences between the most and least expensive contracts can be stratospheric, in some countries, the treatment is more “equal.”

In Luxembourg, for example, the most expensive contract (at Electris) costs “only” 28% more than the cheapest one (at Sudstroum). The situation is relatively similar in Ireland (47% difference) and Slovakia (48%).


Basic results

CountrySupplierAnnual price (in Euros)The offers nameAverage price per kWh en EurosType
GermanyStadtwerke Heidelberg Energie666,88 €kurpfalz KLIMA online0,66688cheapest
GermanyFuxx-Die Sparenergie GmbH1.827,37 €Home TOP one1,82737most expensive
AustriaWien Energie522,05 €Optima0,52205cheapest
AustriaEnstroga1.768,26 €Variopower plus1,76826most expensive
BelgiumTotalEnergies453,92 €Pixel0,45392cheapest
BelgiumEngie746,20 €Flow 100% Vert – 100% Belge0,7462most expensive
SpainNaturgy185,50 €By Light Use0,1855cheapest
SpainAtulado466,42 €Atulated DH 3 periods0,46642most expensive
Estonia220 Energia OÜ309,96 €Stock market hind0,30996cheapest
EstoniaEesti Energia AS586,68 €Sure0,58668most expensive
FinlandNordic Green Energy374,70 €Variable price0,3747cheapest
FinlandFortum900,00 €Vakio S0,9€most expensive
FranceEDF301,00 €Zen Online0,301€cheapest
Francewekiwi896,00 €Offre électricité à prix fixe0,896€most expensive
GreeceΕΛΙΝΟΙΛ78,07 €Οn! Οικιακό (Με Κρατική Επιδότηση)0,07807cheapest
GreeceKen1.105,90 €Volton Home1,1059most expensive
IrlandEnergia682,11 €Home Electricity 15%0,68211€cheapest
IrlandPower.ie1.006,50 €Smart Pay1,0065most expensive
ItalyOK ENERGIA SRL636,26 €PLACET Fissa0,63626cheapest
ItalyForGreen S.p.a.2.389,46 €PLACET Fissa2,38946most expensive
LatviaEnefit266,76 €Enefit Energy dependence0,26676cheapest
LatviaBaltcom532,80 €Baltcom Universal0,5328most expensive
LithuaniaEnefit424,92 €Standard SUPERGREEN two time zones0,42492cheapest
LithuaniaIgnitis646,44 €Optimal fire0,64644most expensive
LuxembourgSudstroum340,91 €TERRA online0,34091cheapest
LuxembourgElectris437,25 €SwitchBLUE0,43725most expensive
NorwayUs Norge AS308,40 €Vibe0,3084cheapest
NorwayLOS AS428,40 €LOS Solar power0,4284most expensive
Netherlandshvc322,12 €Modelcontract Biostroom0,32212cheapest
NetherlandsNLE810,04 €Modelcontract Groene Stroom0,81004most expensive
Polande.on117,46 €E-ON tariff0,117456178cheapest
PolandEnefit526,09 €Standard price list0,526093409most expensive
PortugalEndesa298,68 €Endesa | I want + Light0,29868cheapest
PortugalLogica Energy519,12 €Logica Energy | Base0,51912most expensive
Czech Republice.on201,09 €0,20109cheapest
Czech RepublicCENTROPOL ENERGY388,28 €0,38828most expensive
SlovakiaWSE177,20 €DomovMini0,1772cheapest
SlovakiaEnergy 2262,67 €Classical0,2626€most expensive
SwedenGöteborg Energi289,20 €Variable price0,2892cheapest
SwedenKalmar Energi477,60 €variable price0,4776most expensive

Sources for comparing electricity prices

  • Germany: www.check24.de
  • Austria: durchblicker.at
  • Belgium: comparateur-energie.be
  • Spain: comparador.cnmc.gob.es
  • Estonia: elektrihind.ee
  • Finland: www.sahkon-kilpailutus.fi
  • France: comparateur-offres.energie-info.fr
  • Irland: www.bonkers.ie
  • Italy: www.ilportaleofferte.it
  • Latvia: www.elektroenergija.lv
  • Lithuania: skaiciuokle.vert.lt
  • Luxembourg: www.calculix.lu
  • Norway: www.strompris.no
  • Netherlands: www.gaslicht.com
  • Poland: optimalenergy.pl
  • Portugal: www.comparaja.pt
  • Czech Republic: www.kurzy.cz
  • Slovakia: www.moneytoo.sk
  • Sweden: www.compricer.se

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