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Where are the lowest electricity prices in Europe?

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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.

cheap electricity prices : where is electricity the cheapest in Europe ? 20 countries compared

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€).

electricity prices : a comparison of the most expensive contrats in Europe

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

Country Supplier Annual price (in Euros) The offers name Average price per kWh en Euros Type
Germany Stadtwerke Heidelberg Energie 666,88 € kurpfalz KLIMA online 0,66688 cheapest
Germany Fuxx-Die Sparenergie GmbH 1.827,37 € Home TOP one 1,82737 most expensive
Austria Wien Energie 522,05 € Optima 0,52205 cheapest
Austria Enstroga 1.768,26 € Variopower plus 1,76826 most expensive
Belgium TotalEnergies 453,92 € Pixel 0,45392 cheapest
Belgium Engie 746,20 € Flow 100% Vert – 100% Belge 0,7462 most expensive
Spain Naturgy 185,50 € By Light Use 0,1855 cheapest
Spain Atulado 466,42 € Atulated DH 3 periods 0,46642 most expensive
Estonia 220 Energia OÜ 309,96 € Stock market hind 0,30996 cheapest
Estonia Eesti Energia AS 586,68 € Sure 0,58668 most expensive
Finland Nordic Green Energy 374,70 € Variable price 0,3747 cheapest
Finland Fortum 900,00 € Vakio S 0,9€ most expensive
France EDF 301,00 € Zen Online 0,301€ cheapest
France wekiwi 896,00 € Offre électricité à prix fixe 0,896€ most expensive
Greece ΕΛΙΝΟΙΛ 78,07 € Οn! Οικιακό (Με Κρατική Επιδότηση) 0,07807 cheapest
Greece Ken 1.105,90 € Volton Home 1,1059 most expensive
Irland Energia 682,11 € Home Electricity 15% 0,68211€ cheapest
Irland Power.ie 1.006,50 € Smart Pay 1,0065 most expensive
Italy OK ENERGIA SRL 636,26 € PLACET Fissa 0,63626 cheapest
Italy ForGreen S.p.a. 2.389,46 € PLACET Fissa 2,38946 most expensive
Latvia Enefit 266,76 € Enefit Energy dependence 0,26676 cheapest
Latvia Baltcom 532,80 € Baltcom Universal 0,5328 most expensive
Lithuania Enefit 424,92 € Standard SUPERGREEN two time zones 0,42492 cheapest
Lithuania Ignitis 646,44 € Optimal fire 0,64644 most expensive
Luxembourg Sudstroum 340,91 € TERRA online 0,34091 cheapest
Luxembourg Electris 437,25 € SwitchBLUE 0,43725 most expensive
Norway Us Norge AS 308,40 € Vibe 0,3084 cheapest
Norway LOS AS 428,40 € LOS Solar power 0,4284 most expensive
Netherlands hvc 322,12 € Modelcontract Biostroom 0,32212 cheapest
Netherlands NLE 810,04 € Modelcontract Groene Stroom 0,81004 most expensive
Poland e.on 117,46 € E-ON tariff 0,117456178 cheapest
Poland Enefit 526,09 € Standard price list 0,526093409 most expensive
Portugal Endesa 298,68 € Endesa | I want + Light 0,29868 cheapest
Portugal Logica Energy 519,12 € Logica Energy | Base 0,51912 most expensive
Czech Republic e.on 201,09 € 0,20109 cheapest
Czech Republic CENTROPOL ENERGY 388,28 € 0,38828 most expensive
Slovakia WSE 177,20 € DomovMini 0,1772 cheapest
Slovakia Energy 2 262,67 € Classical 0,2626€ most expensive
Sweden Göteborg Energi 289,20 € Variable price 0,2892 cheapest
Sweden Kalmar Energi 477,60 € variable price 0,4776 most 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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Author: Pierre-Nicolas Schwab

Dr. Pierre-Nicolas Schwab is the founder of IntoTheMinds. He specializes in e-commerce, retail and logistics. He is also a research fellow in the marketing department of the Free University of Brussels and acts as a coach for several startups and public organizations. He holds a PhD in Marketing, a MBA in Finance, and a MSc in Chemistry. He can be contacted by email, Linkedin or by phone (+32 486 42 79 42)

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