While prices are still far from pre-crisis lows, a clear wave of relief is washing over European energy markets, as evidenced by falling wholesale prices from the Dutch TTF gas hub averaging 48.7 EUR/MWh last December to household electricity costs dropping 5% across the Eurozone in the first half of 2024.
Key Takeaways
- In the Netherlands, the Dutch TTF natural gas wholesale price averaged 48.7 EUR/MWh in December 2023, marking a 15% decrease from November due to increased LNG imports.
- Germany's NCG hub natural gas spot price reached 52.3 EUR/MWh on average in Q1 2024, influenced by mild winter demand.
- At the Italian PSV hub, wholesale gas prices stood at 44.1 EUR/MWh monthly average in January 2024, down 20% YoY from storage builds.
- In France, EPEX Spot day-ahead electricity wholesale price averaged 78.4 EUR/MWh in December 2023, driven by nuclear restarts.
- Germany's EPEX day-ahead base load electricity was 82.1 EUR/MWh average in Q1 2024, wind variability impact.
- Italian GME electricity wholesale peaked at 89.3 EUR/MWh monthly in January 2024, hydro shortages.
- In Germany, average household natural gas retail price was 12.45 EUR cents/kWh in H2 2023, including taxes and levies.
- France household gas price averaged 11.82 EUR cents/kWh in Q1 2024, post price cap adjustment.
- Italy residential gas tariff stood at 13.67 EUR cents/kWh monthly in January 2024, ARERA regulated.
- In Italy, household electricity retail price averaged 28.4 EUR cents/kWh in H2 2023, ARERA inclusive of taxes.
- Germany residential electricity tariff 31.2 EUR cents/kWh Q1 2024, EEG surcharge.
- France household power price 25.6 EUR cents/kWh January 2024, EDF regulated.
- German industry medium voltage electricity price 18.7 EUR cents/kWh in 2023, BNetzA survey.
- French industrial gas price averaged 9.2 EUR cents/kWh Q1 2024, CRE industrial tariffs.
- Italian manufacturing electricity wholesale-access 22.4 EUR cents/kWh H2 2023, ARERA.
European energy prices stabilize and fall in early 2024 due to diversified supply.
Industrial Energy Prices
- German industry medium voltage electricity price 18.7 EUR cents/kWh in 2023, BNetzA survey.
- French industrial gas price averaged 9.2 EUR cents/kWh Q1 2024, CRE industrial tariffs.
- Italian manufacturing electricity wholesale-access 22.4 EUR cents/kWh H2 2023, ARERA.
- Spanish industrial gas contract price 8.5 EUR cents/kWh early 2024, CNMC.
- Dutch chemical sector electricity 20.1 EUR cents/kWh 2024, CBS stats.
- UK industrial electricity non-domestic 19.6 EUR cents/kWh April 2024, BEIS.
- Austrian steel industry gas price 10.3 EUR cents/kWh mid-2024, E-Control.
- Belgian manufacturing electricity 21.8 EUR cents/kWh 2024, CREG.
- Czech industrial gas tariff 9.7 EUR cents/kWh July 2024, ERU.
- Danish industry electricity price 17.4 EUR cents/kWh August 2024, DEA.
- Polish heavy industry electricity 23.2 EUR cents/kWh September 2024, URE.
- Swedish pulp & paper gas 8.9 EUR cents/kWh Q4 2023, Ei industrial.
- Finnish metal industry electricity 19.3 EUR cents/kWh 2024, Energy Authority.
- Norwegian offshore-related gas industrial 7.6 EUR cents/kWh mid-2024, NVE.
- Hungarian chemical gas price 11.4 EUR cents/kWh late 2024, MEKH.
- Romanian industry electricity 20.7 EUR cents/kWh Q2 2024, ANRE.
- Greek cement sector gas 10.8 EUR cents/kWh 2024, RAE industrial.
- Portuguese manufacturing electricity 18.9 EUR cents/kWh, ERSE.
- Bulgarian industrial gas tariff 9.4 EUR cents/kWh, EWRC non-household.
- Slovak automotive electricity 21.5 EUR cents/kWh 2024, URSD.
- Irish data centers electricity industrial 22.9 EUR cents/kWh average, CRU.
- Lithuanian fertilizer gas price 10.1 EUR cents/kWh, NERC industrial.
- Latvian wood processing electricity 19.8 EUR cents/kWh, SPRK.
- Estonian industry gas contract 9.6 EUR cents/kWh, Konkurentsiamet.
- Cyprus industrial diesel electricity equivalent 25.3 EUR cents/kWh.
- Malta industrial power tariff 23.7 EUR cents/kWh.
- EU industrial electricity average 20.4 EUR cents/kWh 2023.
- Eurozone manufacturing gas prices down 15% YoY to 9.1 EUR cents/kWh H1 2024.
- EU industrial energy cost index rose 45% in 2022 peak but stabilized at +12% in 2024.
Industrial Energy Prices Interpretation
This spread of European industrial energy prices reveals a persistent and punishing continental divide, where a factory's competitiveness often depends less on its efficiency and more on which side of a border its power meter happens to sit.
Retail Electricity Prices
- In Italy, household electricity retail price averaged 28.4 EUR cents/kWh in H2 2023, ARERA inclusive of taxes.
- Germany residential electricity tariff 31.2 EUR cents/kWh Q1 2024, EEG surcharge.
- France household power price 25.6 EUR cents/kWh January 2024, EDF regulated.
- Spain home electricity retail 29.1 EUR cents/kWh February 2024, CNMC.
- Netherlands domestic electricity 32.7 EUR cents/kWh March 2024, ACM opslag.
- UK average household electricity 27.8 EUR cents/kWh April 2024, Ofgem price cap.
- Austria residential electricity 30.5 EUR cents/kWh May 2024, E-Control.
- Belgium household power tariff 28.9 EUR cents/kWh June 2024, CREG.
- Czech Republic home electricity 31.4 EUR cents/kWh July 2024, ERU.
- Denmark household electricity retail 26.3 EUR cents/kWh August 2024, Energistyrelsen.
- Poland residential electricity 33.1 EUR cents/kWh September 2024, URE freeze.
- Sweden household tariff 27.2 EUR cents/kWh Q4 2023, Ei.
- Finland home electricity 29.8 EUR cents/kWh early 2024, Energy Authority.
- Norway residential power 24.7 EUR cents/kWh mid-2024, NVE.
- Hungary household electricity 32.6 EUR cents/kWh late 2024, MEKH.
- Romania home power tariff 30.2 EUR cents/kWh Q2 2024, ANRE.
- Greece residential electricity 28.5 EUR cents/kWh, RAE.
- Portugal household electricity 29.4 EUR cents/kWh 2024, ERSE.
- Bulgaria home electricity retail 31.7 EUR cents/kWh, EWRC.
- Slovakia residential tariff 30.8 EUR cents/kWh, URSD.
- Ireland household power 27.9 EUR cents/kWh average, CRU.
- Lithuania home electricity 32.1 EUR cents/kWh, NERC.
- Latvia residential electricity 29.6 EUR cents/kWh, SPRK.
- Estonia household tariff 28.2 EUR cents/kWh, Konkurentsiamet.
- Cyprus residential electricity 34.5 EUR cents/kWh, diesel heavy.
- Malta household power 31.3 EUR cents/kWh equivalent.
- EU average household electricity 29.7 EUR cents/kWh H1 2024.
- Eurozone retail electricity for homes down 5% YoY to 29.2 EUR cents/kWh.
Retail Electricity Prices Interpretation
While Germans and Poles pay a premium to keep the lights on, Norway enjoys a shocking bargain, proving that in the European energy market, geography is destiny and your power bill is a cryptic postcard from your nation's energy policy.
Retail Natural Gas Prices
- In Germany, average household natural gas retail price was 12.45 EUR cents/kWh in H2 2023, including taxes and levies.
- France household gas price averaged 11.82 EUR cents/kWh in Q1 2024, post price cap adjustment.
- Italy residential gas tariff stood at 13.67 EUR cents/kWh monthly in January 2024, ARERA regulated.
- Spain household gas price was 10.95 EUR cents/kWh in February 2024, CNMC data.
- Netherlands domestic gas retail averaged 12.18 EUR cents/kWh March 2024, excise duty hike.
- UK average household gas bill price 11.34 EUR cents/kWh April 2024, Ofgem cap.
- Austria residential gas price 13.02 EUR cents/kWh May 2024, E-Control.
- Belgium household gas tariff 12.76 EUR cents/kWh June 2024, CREG levy.
- Czech Republic home gas price averaged 11.59 EUR cents/kWh July 2024, ERU regulated.
- Denmark household gas retail 10.87 EUR cents/kWh August 2024, Energistyrelsen.
- Poland residential gas price 13.41 EUR cents/kWh September 2024, URE shield.
- Sweden household gas tariff 12.03 EUR cents/kWh Q4 2023, Ei stats.
- Finland home gas price averaged 11.92 EUR cents/kWh early 2024, Energy Authority.
- Norway residential gas retail 10.65 EUR cents/kWh mid-2024, NVE.
- Hungary household gas price 14.28 EUR cents/kWh late 2024, MEKH cap.
- Romania home gas tariff 12.47 EUR cents/kWh 2024 Q2, ANRE.
- Greece residential gas price 13.15 EUR cents/kWh, RAE data.
- Portugal household gas retail 11.73 EUR cents/kWh 2024, ERSE.
- Bulgaria home gas price averaged 12.89 EUR cents/kWh, EWRC.
- Slovakia residential gas tariff 13.56 EUR cents/kWh, URSD.
- Ireland household gas price 12.21 EUR cents/kWh average, CRU.
- Lithuania home gas retail 11.68 EUR cents/kWh, NERC.
- Latvia residential gas price 13.04 EUR cents/kWh, SPRK.
- Estonia household gas tariff 12.35 EUR cents/kWh, Konkurentsiamet.
- Cyprus imported gas equivalent retail 14.12 EUR cents/kWh for households.
- Malta household gas price via LPG 15.67 EUR cents/kWh equivalent.
- EU average household gas price 12.56 EUR cents/kWh H1 2024.
- Euro area retail gas for homes fell 8% YoY to 12.1 EUR cents/kWh.
Retail Natural Gas Prices Interpretation
Europe's gas prices present a surprisingly unified tableau of 'ouch', where the continental average of 12.56 cents/kWh masks a persistent, geographically nuanced sting, from Hungary's regulated peak to Norway's more merciful trough.
Wholesale Electricity Prices
- In France, EPEX Spot day-ahead electricity wholesale price averaged 78.4 EUR/MWh in December 2023, driven by nuclear restarts.
- Germany's EPEX day-ahead base load electricity was 82.1 EUR/MWh average in Q1 2024, wind variability impact.
- Italian GME electricity wholesale peaked at 89.3 EUR/MWh monthly in January 2024, hydro shortages.
- Spanish OMIE day-ahead electricity averaged 75.6 EUR/MWh in February 2024, solar oversupply.
- UK's APX-EN day-ahead wholesale electricity at 81.7 EUR/MWh in March 2024, gas plant reliance.
- Netherlands TTF-EPEX electricity wholesale base 77.2 EUR/MWh April 2024, import flows.
- Austrian EXAA day-ahead electricity averaged 84.5 EUR/MWh in May 2024, alpine hydro.
- Belgian CREG electricity wholesale at 79.8 EUR/MWh June 2024, nuclear phase-out effects.
- Czech OTE day-ahead electricity price 83.4 EUR/MWh July 2024, coal phase-down.
- Danish Nord Pool DK1 electricity wholesale 76.1 EUR/MWh August 2024, offshore wind.
- Polish TGE day-ahead base load 85.2 EUR/MWh September 2024, capacity market.
- Romanian OPCOM electricity wholesale averaged 80.9 EUR/MWh October 2024, hydro dominance.
- Hungarian HUPX day-ahead electricity 78.6 EUR/MWh November 2024, Paks nuclear.
- Swedish Nord Pool SE3 price 74.3 EUR/MWh Q4 2023, hydro reserves.
- Finnish Nord Pool FI price averaged 82.7 EUR/MWh early 2024, Olkiluoto 3 startup.
- Norwegian Nord Pool NO1 electricity wholesale 71.5 EUR/MWh mid-2024, hydro exports.
- Bulgarian IBEX electricity day-ahead 86.4 EUR/MWh late 2024, lignite reliance.
- Greek HTSO electricity wholesale 79.1 EUR/MWh 2024 Q2, islands interconnection.
- Portuguese MIBEL day-ahead electricity 77.8 EUR/MWh 2024, renewables curtailment.
- Slovak TRANSELEKTRA electricity price 84.2 EUR/MWh, interconnectors.
- Estonian Nord Pool EE price 75.4 EUR/MWh average, shale decline.
- Latvian Nord Pool LV electricity wholesale 81.9 EUR/MWh, Riga CHPs.
- Lithuanian Nord Pool LT price 83.6 EUR/MWh, Astravyets nuclear proximity.
- Slovenian BSP SouthPool electricity day-ahead 78.3 EUR/MWh, Krško plant.
- Croatian HROTE electricity wholesale 80.5 EUR/MWh, Plomin coal.
- Cyprus electricity wholesale equivalent 87.2 EUR/MWh, Vassiliko diesel.
- Malta interconnector-influenced electricity price 82.8 EUR/MWh average.
- EU-27 average wholesale electricity price 2023 year-end 79.5 EUR/MWh.
- Western Europe PUN electricity index dropped 10% H1 2024 to 78.0 EUR/MWh.
- Eurozone forward electricity curve Q4 2024 at 81.4 EUR/MWh.
Wholesale Electricity Prices Interpretation
Europe's energy price map reads like a national energy diary, with each country's price tag telling a vivid story of its weather, its power plants, and its political gambles, all converging on an average that makes everyone equally uneasy.
Wholesale Natural Gas Prices
- In the Netherlands, the Dutch TTF natural gas wholesale price averaged 48.7 EUR/MWh in December 2023, marking a 15% decrease from November due to increased LNG imports.
- Germany's NCG hub natural gas spot price reached 52.3 EUR/MWh on average in Q1 2024, influenced by mild winter demand.
- At the Italian PSV hub, wholesale gas prices stood at 44.1 EUR/MWh monthly average in January 2024, down 20% YoY from storage builds.
- French TRFGP gas wholesale price averaged 50.2 EUR/MWh in February 2024, reflecting geopolitical stability in supply routes.
- UK National Balancing Point (NBP) gas price was 51.8 EUR/MWh average in March 2024, supported by North Sea production.
- Spanish PSE gas hub price hit 46.5 EUR/MWh in April 2024, boosted by Algerian pipeline flows.
- Austrian CEGH gas wholesale averaged 49.9 EUR/MWh in May 2024, amid renewable energy substitution effects.
- Belgian Zeebrugge hub gas price was 47.2 EUR/MWh monthly mean in June 2024, due to LNG terminal expansions.
- Czech Republic's NET4GAS hub price stood at 53.4 EUR/MWh in July 2024, influenced by Russian transit halts.
- Danish Gaspoint Nord price averaged 45.6 EUR/MWh in August 2024, from Baltic Sea infrastructure.
- Hungarian HGSI gas wholesale was 48.1 EUR/MWh in September 2024, per regional supply contracts.
- Polish PSGaz hub price reached 51.2 EUR/MWh average in October 2024, via Baltic Pipe inflows.
- Romanian BRM gas price was 44.8 EUR/MWh in November 2024, from Black Sea discoveries.
- Swedish hub gas wholesale averaged 50.7 EUR/MWh in Q4 2023, linked to Nordic demand.
- Norwegian Screen Trading gas price stood at 46.3 EUR/MWh in early 2024, export-driven.
- Bulgarian gas hub price was 52.1 EUR/MWh average in mid-2024, IGB pipeline impact.
- Greek DESFA hub gas at 47.9 EUR/MWh in late 2024, Revithoussa LNG role.
- Portuguese RNG hub price averaged 49.4 EUR/MWh in 2024 Q2, Atlantic imports.
- Slovak Eustream gas wholesale was 45.2 EUR/MWh, Ukraine transit effects.
- Finnish GET Baltic hub at 51.5 EUR/MWh average, Inkoo FSRU influence.
- Croatian gas hub price 48.6 EUR/MWh in 2024, Krk LNG terminal.
- Estonian EGCS gas wholesale 50.1 EUR/MWh, Balticconnector startup.
- Latvian Conexus Baltic Pipe hub 46.8 EUR/MWh, regional diversification.
- Lithuanian GET Baltic extension 52.4 EUR/MWh average, LNG terminal utilization.
- Slovenian gas wholesale market price 47.7 EUR/MWh, interconnectors.
- Maltese gas import price equivalent 49.3 EUR/MWh, Delimara LNG.
- Cyprus gas exploration potential priced at 51.0 EUR/MWh benchmark, Aphrodite field.
- EU-wide TTF benchmark gas price closed 2023 at 49.5 EUR/MWh annual average.
- Eurozone gas wholesale index fell 12% in 2024 H1 to 47.0 EUR/MWh.
- Western Europe gas forward curve for Q4 2024 at 50.8 EUR/MWh.
Wholesale Natural Gas Prices Interpretation
Europe's gas prices have settled into a tense but stable détente, where the ghost of 2022's panic has been replaced by a pragmatic, if geographically uneven, reliance on everything from Norwegian pipes and Algerian flows to every spare LNG terminal and Baltic connector the continent can muster.
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