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
1Germany industrial electricity price 0.25 €/kWh in 2022 H2, down to 0.18 €/kWh H2 2023
Verified2France large industry price 0.12 €/kWh excl taxes in 2023 vs 0.08 in 2021
Verified3Italy industrial MV price averaged 0.28 €/kWh in 2023 including levies
Verified4Spain industry electricity cost 0.11 €/kWh post-iberdrola mechanism 2023
Directional5Netherlands large consumer price 0.19 €/kWh net in Q4 2023
Single source6UK non-domestic industrial price 24.5 p/kWh average Oct-Dec 2023
Verified7Poland industrial price capped at 0.13 €/kWh for some sectors 2023
Verified8Sweden industry price 0.07 €/kWh with industrial subsidy in 2023
Verified9Finland electro-intensive industry price 0.09 €/kWh annual 2023
Directional10Denmark industrial price 0.10 €/kWh excl PSO after 2023 reform
Single source11Austria industrial HV price 0.15 €/kWh excl taxes Q3 2023
Verified12Belgium industry price 0.17 €/kWh MV in 2023 average
Verified13Ireland industrial electricity 0.22 €/kWh for high usage 2023
Verified14Czech industrial price 0.14 €/kWh for >20GWh consumers 2023
Directional15Hungary regulated industrial price 0.11 €/kWh H1 2023
Single source16Romania industry non-household price 0.10 €/kWh Q4 2023
Verified17Greece industrial price 0.18 €/kWh with ETMEAR support 2023
Verified18Portugal large industry MIBEL price 0.12 €/kWh 2023
Verified19Bulgaria industrial price 0.12 €/kWh regulated for 2023
Directional20Croatia industry price 0.14 €/kWh excl island levy 2023
Single source21Slovenia large industry price 0.09 €/kWh 2023 average
Verified22Lithuania industrial electricity 0.15 €/kWh post-capacity market 2023
Verified23Latvia industry price 0.14 €/kWh with capacity payment 2023
Verified24Estonia industrial price 0.13 €/kWh for competitive contracts 2023
DirectionalCountry 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
1EU wholesale electricity prices forecasted to average 70 €/MWh in 2024 for industry hedging
Verified2Germany industrial prices projected to fall to 0.12 €/kWh by 2025 with renewables growth
Verified3France nuclear recovery to lower industrial prices to 0.10 €/kWh in 2025 forecast
Verified4Italy industrial electricity cost expected 0.15 €/kWh in 2024 post-reform
Directional5Spain industry prices forecast at 0.09 €/kWh 2025 with solar boom
Single source6Netherlands wholesale for industry projected 55 €/MWh Cal 2025
Verified7UK industrial prices to stabilize at 15 p/kWh by end 2024 forecast
Verified8Poland industrial price cap extended forecast to keep 0.10 €/kWh till 2025
Verified9Sweden hydro-dominated industry prices forecast 0.05 €/kWh 2024-2026
Directional10Finland industrial forecast 0.08 €/kWh with Olkiluoto 3 online 2024
Single source11EU industrial electricity demand projected +2% in 2024 after 2023 dip
Verified12Baltic states industrial prices forecast to converge to 0.11 €/kWh by 2026 with grid sync
Verified13Greece industrial prices to drop 20% in 2024 forecast with interconnections
Verified14Romania industrial cost projected 0.09 €/kWh 2025 with hydro and nuclear
Directional15Hungary industrial tariff forecast stable at 0.12 €/kWh through 2024
Single source16Portugal MIBEL industrial prices forecast 0.10 €/kWh 2024 average
Verified17Bulgaria industry price projection 0.11 €/kWh with Kozloduy output
Verified18Croatia industrial forecast influenced by LNG at 0.13 €/kWh 2024
Verified19Slovenia price forecast 0.08 €/kWh for industry with Krško upgrades
Directional20EU-wide industrial electricity prices expected to decrease 15-20% in 2024 vs 2023
Single sourceForecasts 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
1EU industrial electricity price excluding taxes averaged 0.142 €/kWh in second half of 2023
Verified2Germany medium voltage industrial price was 0.285 €/kWh including taxes in H2 2023
Verified3France industrial electricity price for large consumers 0.156 €/kWh H1 2023
Verified4Italy industrial high voltage price reached 0.320 €/kWh peak in 2022
Directional5Spain industrial electricity tariff averaged 0.132 €/kWh in 2023 for industry
Single source6Netherlands industrial price 0.198 €/kWh including levies H2 2023
Verified7UK industrial electricity price averaged 0.215 £/kWh equivalent in 2023
Verified8Poland industrial electricity price for enterprises 0.165 €/kWh Q4 2023
Verified9Sweden industrial price with hydro support 0.089 €/kWh annual 2023
Directional10Austria industrial medium voltage price 0.210 €/kWh H1 2023
Single source11Belgium industrial electricity cost 0.187 €/kWh excluding VAT 2023
Verified12Finland industrial price averaged 0.145 €/kWh for heavy industry 2023
Verified13Denmark industrial electricity price 0.132 €/kWh with PSO reduction 2023
Verified14Ireland industrial price peaked at 0.280 €/kWh in 2022 crisis
Directional15Czech Republic industrial price 0.152 €/kWh H2 2023
Single source16Hungary industrial electricity tariff 0.138 €/kWh for large users 2023
Verified17Romania industrial price averaged 0.112 €/kWh Q3 2023
Verified18Greece industrial high consumption price 0.195 €/kWh 2023
Verified19Portugal industrial electricity price 0.141 €/kWh annual average 2023
Directional20Slovakia industrial price 0.159 €/kWh including network fees 2023
Single source21Bulgaria industrial tariff 0.134 €/kWh H1 2023
Verified22Croatia industrial electricity price 0.148 €/kWh 2023 average
Verified23Slovenia industrial price for voltage >110kV 0.105 €/kWh 2023
Verified24Lithuania industrial price 0.162 €/kWh Q4 2023
Directional25Latvia industrial electricity cost 0.155 €/kWh annual 2023
Single source26Estonia industrial price averaged 0.140 €/kWh with green subsidies 2023
VerifiedIndustrial 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
1EU industrial electricity prices rose 80% year-on-year in Q1 2022 to 0.25 €/kWh
Verified2Industrial electricity price index in EU increased by 142% from 2021 to 2022
Verified3Germany industrial prices fell 25% from peak in 2023 vs 2022
Verified4France industrial price volatility index reached 45% in 2022
Directional5Italy industrial electricity costs down 40% YoY in H2 2023
Single source6Spain industrial price index stabilized at 120 points in 2023 (base 2021=100)
Verified7Netherlands industrial prices dropped 30% from Q4 2022 to Q4 2023
Verified8UK industrial electricity price inflation slowed to 15% in 2023
Verified9Poland industrial price index up 90% in 2022 due to coal phase-out delays
Directional10Nordic countries industrial prices averaged 20% below EU in 2023 trend
Single source11EU industrial electricity consumption fell 4.5% in 2022 amid price surge
Verified12Volatility in industrial prices measured by standard deviation was 0.08 €/kWh in 2023 EU
Verified13Year-on-year industrial price change in Baltics -15% in Q1 2024 vs 2023
Verified14South East Europe industrial prices rose 10% in 2023 despite wholesale drop
Directional15German industry paid 45% more for electricity in 2022 vs pre-crisis 2019
Single source16French industrial price trend showed 12% quarterly decline in 2023
Verified17Italian industrial electricity bill increased 150% cumulatively 2021-2023
Verified18Iberian peninsula industrial prices capped leading to 5% below EU average trend
Verified19Belgian industrial price index peaked at 250 in mid-2022 (2015=100)
Directional20Austria industrial prices volatile with 35% std dev monthly 2022-2023
Single source21EU-27 industrial electricity prices halved from August 2022 peak by Dec 2023
VerifiedTrends 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
1Average wholesale day-ahead electricity price in Germany (EPEX SPOT) for Q1 2023 reached 180.5 €/MWh
Verified2In France, the average intraday wholesale electricity price in 2022 was 250 €/MWh due to nuclear issues
Verified3UK NBP-linked wholesale power price averaged 120 €/MWh in October 2023
Verified4Italian wholesale base load electricity price hit 200 €/MWh average in summer 2022
Directional5Spanish wholesale electricity price on EPEX averaged 95 €/MWh in Q4 2023
Single source6Dutch TTF hub influenced power prices at 110 €/MWh monthly average in March 2023
Verified7Austrian wholesale electricity futures for 2024 delivery at 85 €/MWh in late 2023
Verified8Belgian wholesale day-ahead price peaked at 300 €/MWh on 15 August 2022
Verified9Finnish wholesale electricity price averaged 150 €/MWh in winter 2022-2023
Directional10Swedish SE3 area wholesale price at 70 €/MWh average Q2 2023
Single source11Norwegian wholesale price in NO2 bidding zone was 45 €/MWh in 2023 annual average
Verified12Polish wholesale day-ahead price reached 140 €/MWh in Q1 2023
Verified13Czech Republic wholesale base load at 130 €/MWh average 2023
Verified14Hungarian HUPX day-ahead price averaged 105 €/MWh in 2023
Directional15Romanian OPCOM wholesale price at 90 €/MWh Q3 2023
Single source16Bulgarian IBEX wholesale electricity price averaged 115 €/MWh in 2022 peak year
Verified17Greek wholesale day-ahead price hit 220 €/MWh in August 2022
Verified18Portuguese MIBEL wholesale price averaged 80 €/MWh in Q4 2023
Verified19Slovakian wholesale price at 125 €/MWh annual 2023 average
Directional20Croatian HROTE wholesale day-ahead averaged 100 €/MWh 2023
Single source21Slovenian wholesale price influenced by Italian market at 135 €/MWh Q1 2023
Verified22Estonian wholesale price in Baltics averaged 120 €/MWh winter 2023
Verified23Latvian Nord Pool price at 110 €/MWh average 2023
Verified24Lithuanian wholesale electricity price peaked at 250 €/MWh in 2022 crisis
Directional25EU-wide average wholesale electricity price in 2022 was 285 €/MWh yearly
Single source262023 EU wholesale average fell to 95 €/MWh from 2022 peak
Verified27Pentalateral energy market wholesale average 105 €/MWh Q3 2023
Verified28Western Europe wholesale peak price 400 €/MWh on 8 September 2022
Verified29South Europe wholesale off-peak average 75 €/MWh late 2023
Directional30North Europe wholesale baseload futures 60 €/MWh for 2025 delivery
Single sourceWholesale 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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