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Eurostat: Significant increase in electricity prices in Cyprus

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The figures for the second half of 2022

Eurostat: Σημαντικor αyξηση στις τιμéς ηλεκτρισμού στην Κύπρο

The sharp increase in average electricity prices for households in the European Union continued in the second half of 2022 compared to the same period in 2021 (from 23.5 euros per 100 kWh to 28.4 euros per 100 kWh), while in Cyprus the price increased from 23.0 euros per 100 kWh to 32.6 euros per 100 kWh, according to data published by Eurostat, the EU statistical agency.

Average gas prices in the EU also rose over the same period, from €7.8 per 100 kWh in the second half of 2021 to €11.4 per 100 kWh in the second half of 2022. These prices are the highest ever recorded by Eurostat, it is noted.

After the significant rise in prices prior to the Russian invasion of Ukraine, and the even sharper rise in prices in the second half of 2022, electricity and natural gas prices have recently started to show signs of stabilization, partly due to policies and interventions by EU governments, such as reducing taxes and fees, temporarily exempting consumers from taxes, price caps, providing one-off aid or vouchers to end consumers, while some countries implemented regulated prices .

Compared to the second half of 2021, in the second half of 2022 the percentage of taxation on electricity bills fell sharply from 36% to 16% (-18.3%) and on natural gas bills from 27% to 14% (-15.8%), as all EU countries implemented relevant measures.

Among Member States, household electricity prices increased in all Member States in the second half of 2022, compared to the same period in 2021, except for Malta (-3%, in national currency) and the Netherlands (-7%).

Prices in Malta are regulated, while the Dutch government supports consumers with lump sums and tax cuts.

The highest increases were recorded in Romania (+112%), the Czech Republic (+97%), Denmark (+70%), Lithuania (+65%) and Latvia (+59%), while the lowest in Luxembourg (+3%), Austria and Germany (+4 % in both) and Poland and Bulgaria (both +5% in both).

Average household electricity prices in the second half of 2022 were lowest (measured in euros) in Hungary (€10.8 per 100 kWh), Bulgaria (€11.5) and Malta (€12.8) and highest in Denmark (€58.7), Belgium (€44.9) and Ireland (€42.0).

Meanwhile, natural gas prices rose in all EU countries that use it over the same period. It is recalled that Cyprus remains the only member state that does not use natural gas.

Natural gas prices (in national currencies) increased the most in the Czech Republic (+231%). Romania (+165%), Latvia (+157%), Lithuania (+112%) and Belgium (+102%).

Only in two states member states the increases were lower than 20%, Croatia (+14%) and Slovakia (18%). All price increases come from the energy and supply component, mainly due to the recent energy crisis.

In euros, average household gas prices in the second half of 2022 were lower in Hungary (3.5 euros per 100 kWh), Croatia (4.5 euro) and Slovakia (4.9 euro) and higher in Sweden (27.5 euro), Denmark (20.8 euro) and the Netherlands (19.3 euro).

The price of natural gas for households in Sweden was 157% higher than the average EU price. However, the use of natural gas in Sweden is very limited.

Source: www.kathimerini.com.cy

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