While Europe's industrial electricity prices have retreated from their dizzying 2022 peaks, the continent's factories are still navigating a fractured landscape of wildly different costs, from €0.285/kWh in Germany to a modest €0.089/kWh in Sweden.
Key Takeaways
- Average wholesale day-ahead electricity price in Germany (EPEX SPOT) for Q1 2023 reached 180.5 €/MWh
- In France, the average intraday wholesale electricity price in 2022 was 250 €/MWh due to nuclear issues
- UK NBP-linked wholesale power price averaged 120 €/MWh in October 2023
- EU industrial electricity price excluding taxes averaged 0.142 €/kWh in second half of 2023
- Germany medium voltage industrial price was 0.285 €/kWh including taxes in H2 2023
- France industrial electricity price for large consumers 0.156 €/kWh H1 2023
- EU industrial electricity prices rose 80% year-on-year in Q1 2022 to 0.25 €/kWh
- Industrial electricity price index in EU increased by 142% from 2021 to 2022
- Germany industrial prices fell 25% from peak in 2023 vs 2022
- Germany industrial electricity price 0.25 €/kWh in 2022 H2, down to 0.18 €/kWh H2 2023
- France large industry price 0.12 €/kWh excl taxes in 2023 vs 0.08 in 2021
- Italy industrial MV price averaged 0.28 €/kWh in 2023 including levies
- EU wholesale electricity prices forecasted to average 70 €/MWh in 2024 for industry hedging
- Germany industrial prices projected to fall to 0.12 €/kWh by 2025 with renewables growth
- France nuclear recovery to lower industrial prices to 0.10 €/kWh in 2025 forecast
European industrial electricity prices are high but forecast to drop soon.
Country Variations
- Germany industrial electricity price 0.25 €/kWh in 2022 H2, down to 0.18 €/kWh H2 2023
- France large industry price 0.12 €/kWh excl taxes in 2023 vs 0.08 in 2021
- Italy industrial MV price averaged 0.28 €/kWh in 2023 including levies
- Spain industry electricity cost 0.11 €/kWh post-iberdrola mechanism 2023
- Netherlands large consumer price 0.19 €/kWh net in Q4 2023
- UK non-domestic industrial price 24.5 p/kWh average Oct-Dec 2023
- Poland industrial price capped at 0.13 €/kWh for some sectors 2023
- Sweden industry price 0.07 €/kWh with industrial subsidy in 2023
- Finland electro-intensive industry price 0.09 €/kWh annual 2023
- Denmark industrial price 0.10 €/kWh excl PSO after 2023 reform
- Austria industrial HV price 0.15 €/kWh excl taxes Q3 2023
- Belgium industry price 0.17 €/kWh MV in 2023 average
- Ireland industrial electricity 0.22 €/kWh for high usage 2023
- Czech industrial price 0.14 €/kWh for >20GWh consumers 2023
- Hungary regulated industrial price 0.11 €/kWh H1 2023
- Romania industry non-household price 0.10 €/kWh Q4 2023
- Greece industrial price 0.18 €/kWh with ETMEAR support 2023
- Portugal large industry MIBEL price 0.12 €/kWh 2023
- Bulgaria industrial price 0.12 €/kWh regulated for 2023
- Croatia industry price 0.14 €/kWh excl island levy 2023
- Slovenia large industry price 0.09 €/kWh 2023 average
- Lithuania industrial electricity 0.15 €/kWh post-capacity market 2023
- Latvia industry price 0.14 €/kWh with capacity payment 2023
- Estonia industrial price 0.13 €/kWh for competitive contracts 2023
Country Variations Interpretation
This chart is a stark reminder that while European industry was collectively shouting "ouch!" at the meter, some countries were administering a soothing government-paid ice pack, others were just gritting their teeth, and a lucky few found their socket plugged directly into a competitive advantage.
Forecasts and Projections
- EU wholesale electricity prices forecasted to average 70 €/MWh in 2024 for industry hedging
- Germany industrial prices projected to fall to 0.12 €/kWh by 2025 with renewables growth
- France nuclear recovery to lower industrial prices to 0.10 €/kWh in 2025 forecast
- Italy industrial electricity cost expected 0.15 €/kWh in 2024 post-reform
- Spain industry prices forecast at 0.09 €/kWh 2025 with solar boom
- Netherlands wholesale for industry projected 55 €/MWh Cal 2025
- UK industrial prices to stabilize at 15 p/kWh by end 2024 forecast
- Poland industrial price cap extended forecast to keep 0.10 €/kWh till 2025
- Sweden hydro-dominated industry prices forecast 0.05 €/kWh 2024-2026
- Finland industrial forecast 0.08 €/kWh with Olkiluoto 3 online 2024
- EU industrial electricity demand projected +2% in 2024 after 2023 dip
- Baltic states industrial prices forecast to converge to 0.11 €/kWh by 2026 with grid sync
- Greece industrial prices to drop 20% in 2024 forecast with interconnections
- Romania industrial cost projected 0.09 €/kWh 2025 with hydro and nuclear
- Hungary industrial tariff forecast stable at 0.12 €/kWh through 2024
- Portugal MIBEL industrial prices forecast 0.10 €/kWh 2024 average
- Bulgaria industry price projection 0.11 €/kWh with Kozloduy output
- Croatia industrial forecast influenced by LNG at 0.13 €/kWh 2024
- Slovenia price forecast 0.08 €/kWh for industry with Krško upgrades
- EU-wide industrial electricity prices expected to decrease 15-20% in 2024 vs 2023
Forecasts and Projections Interpretation
Europe's industrial electricity forecast shows a welcome but uneven descent, proving that while everyone loves a price drop, the race to the bottom is won by those who can harness water, sun, or a really big, reliable atom.
Industrial Prices
- EU industrial electricity price excluding taxes averaged 0.142 €/kWh in second half of 2023
- Germany medium voltage industrial price was 0.285 €/kWh including taxes in H2 2023
- France industrial electricity price for large consumers 0.156 €/kWh H1 2023
- Italy industrial high voltage price reached 0.320 €/kWh peak in 2022
- Spain industrial electricity tariff averaged 0.132 €/kWh in 2023 for industry
- Netherlands industrial price 0.198 €/kWh including levies H2 2023
- UK industrial electricity price averaged 0.215 £/kWh equivalent in 2023
- Poland industrial electricity price for enterprises 0.165 €/kWh Q4 2023
- Sweden industrial price with hydro support 0.089 €/kWh annual 2023
- Austria industrial medium voltage price 0.210 €/kWh H1 2023
- Belgium industrial electricity cost 0.187 €/kWh excluding VAT 2023
- Finland industrial price averaged 0.145 €/kWh for heavy industry 2023
- Denmark industrial electricity price 0.132 €/kWh with PSO reduction 2023
- Ireland industrial price peaked at 0.280 €/kWh in 2022 crisis
- Czech Republic industrial price 0.152 €/kWh H2 2023
- Hungary industrial electricity tariff 0.138 €/kWh for large users 2023
- Romania industrial price averaged 0.112 €/kWh Q3 2023
- Greece industrial high consumption price 0.195 €/kWh 2023
- Portugal industrial electricity price 0.141 €/kWh annual average 2023
- Slovakia industrial price 0.159 €/kWh including network fees 2023
- Bulgaria industrial tariff 0.134 €/kWh H1 2023
- Croatia industrial electricity price 0.148 €/kWh 2023 average
- Slovenia industrial price for voltage >110kV 0.105 €/kWh 2023
- Lithuania industrial price 0.162 €/kWh Q4 2023
- Latvia industrial electricity cost 0.155 €/kWh annual 2023
- Estonia industrial price averaged 0.140 €/kWh with green subsidies 2023
Industrial Prices Interpretation
While Germany's industry pays a price that could power a small opera of alarm, Sweden hums along at hydro-powered discount rates, revealing a continent where the cost of staying competitive depends dramatically on which side of the border you've plugged in your factory.
Trends and Indices
- EU industrial electricity prices rose 80% year-on-year in Q1 2022 to 0.25 €/kWh
- Industrial electricity price index in EU increased by 142% from 2021 to 2022
- Germany industrial prices fell 25% from peak in 2023 vs 2022
- France industrial price volatility index reached 45% in 2022
- Italy industrial electricity costs down 40% YoY in H2 2023
- Spain industrial price index stabilized at 120 points in 2023 (base 2021=100)
- Netherlands industrial prices dropped 30% from Q4 2022 to Q4 2023
- UK industrial electricity price inflation slowed to 15% in 2023
- Poland industrial price index up 90% in 2022 due to coal phase-out delays
- Nordic countries industrial prices averaged 20% below EU in 2023 trend
- EU industrial electricity consumption fell 4.5% in 2022 amid price surge
- Volatility in industrial prices measured by standard deviation was 0.08 €/kWh in 2023 EU
- Year-on-year industrial price change in Baltics -15% in Q1 2024 vs 2023
- South East Europe industrial prices rose 10% in 2023 despite wholesale drop
- German industry paid 45% more for electricity in 2022 vs pre-crisis 2019
- French industrial price trend showed 12% quarterly decline in 2023
- Italian industrial electricity bill increased 150% cumulatively 2021-2023
- Iberian peninsula industrial prices capped leading to 5% below EU average trend
- Belgian industrial price index peaked at 250 in mid-2022 (2015=100)
- Austria industrial prices volatile with 35% std dev monthly 2022-2023
- EU-27 industrial electricity prices halved from August 2022 peak by Dec 2023
Trends and Indices Interpretation
The European industrial electricity market spent 2022 looking like a panicked accordion player, producing an ear-splitting 142% price surge, before beginning a tentative and wildly off-tune 2023 recovery that saw German prices drop sharply, French costs swing dramatically, and the continent as a whole end the year only halfway back from its peak, proving energy security is a symphony easier to disrupt than conduct.
Wholesale Prices
- Average wholesale day-ahead electricity price in Germany (EPEX SPOT) for Q1 2023 reached 180.5 €/MWh
- In France, the average intraday wholesale electricity price in 2022 was 250 €/MWh due to nuclear issues
- UK NBP-linked wholesale power price averaged 120 €/MWh in October 2023
- Italian wholesale base load electricity price hit 200 €/MWh average in summer 2022
- Spanish wholesale electricity price on EPEX averaged 95 €/MWh in Q4 2023
- Dutch TTF hub influenced power prices at 110 €/MWh monthly average in March 2023
- Austrian wholesale electricity futures for 2024 delivery at 85 €/MWh in late 2023
- Belgian wholesale day-ahead price peaked at 300 €/MWh on 15 August 2022
- Finnish wholesale electricity price averaged 150 €/MWh in winter 2022-2023
- Swedish SE3 area wholesale price at 70 €/MWh average Q2 2023
- Norwegian wholesale price in NO2 bidding zone was 45 €/MWh in 2023 annual average
- Polish wholesale day-ahead price reached 140 €/MWh in Q1 2023
- Czech Republic wholesale base load at 130 €/MWh average 2023
- Hungarian HUPX day-ahead price averaged 105 €/MWh in 2023
- Romanian OPCOM wholesale price at 90 €/MWh Q3 2023
- Bulgarian IBEX wholesale electricity price averaged 115 €/MWh in 2022 peak year
- Greek wholesale day-ahead price hit 220 €/MWh in August 2022
- Portuguese MIBEL wholesale price averaged 80 €/MWh in Q4 2023
- Slovakian wholesale price at 125 €/MWh annual 2023 average
- Croatian HROTE wholesale day-ahead averaged 100 €/MWh 2023
- Slovenian wholesale price influenced by Italian market at 135 €/MWh Q1 2023
- Estonian wholesale price in Baltics averaged 120 €/MWh winter 2023
- Latvian Nord Pool price at 110 €/MWh average 2023
- Lithuanian wholesale electricity price peaked at 250 €/MWh in 2022 crisis
- EU-wide average wholesale electricity price in 2022 was 285 €/MWh yearly
- 2023 EU wholesale average fell to 95 €/MWh from 2022 peak
- Pentalateral energy market wholesale average 105 €/MWh Q3 2023
- Western Europe wholesale peak price 400 €/MWh on 8 September 2022
- South Europe wholesale off-peak average 75 €/MWh late 2023
- North Europe wholesale baseload futures 60 €/MWh for 2025 delivery
Wholesale Prices Interpretation
One cannot help but observe that while Europe's energy market is deeply interconnected, the price of keeping the lights on seems to depend heavily on whether your national portfolio is blessed with hydro mountains, cursed with temperamental reactors, or tragically in love with a certain unpredictable gas hub.
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