Hungary has the second most favorable residential electricity price in the EU

2/7/19 7:00 PM
Hungary improved its position and got to the second place in that EU hierarchy which compares the residential electricity prices. Only Bulgaria had cheaper residential electricity price in January 2019 – can be seen in the Hungarian Energy and Public Utility Regulatory Authority’s (MEKH) international price comparison survey.

Based on the electricity price comparison of the first month, in Budapest the residential natual gas price was 10 HUF/kWh, while the electricity price was 37 HUF/kWh. In the latter case, only Sofia had cheaper electricity in the EU. Based on MEKH’s analysis published in early February, in countries where nuclear has a significant share, affordable electricity is available. According to the analysis comparing the energy prices of this year’s first month, in Hungary, where one third of electricity consumption is provided by the Paks Nuclear Power Plant, residential electricity was 37 HUF/kWh, only Bulgaria had more favorable price. More countries relying on nuclear power: France (61 HUF), Finland (51 HUF) and Romania (40 HUF). The residential electricity price in Denmark where the share of renewables is more than 30% is 99 HUF, in Germany, where nuclear is rejected, it’s 98 HUF/kWh.

The most significant change in the January electricity market happened in Warsaw, Amsterdam and Vilnius, while in the case of the former, the price of electricity was reduced by 6%, while in the Dutch and Lithuanian capital was increased by 15%.

Last month the natural gas was the cheapest in the Hungarian capital, while in the Swedish capital, in Stockholm it was the most expensive.

An independent Finnish company, commissioned by the Hungarian Energy and Public Utility Regulatory Authority and the Austrian authority (E-Control), compares the gas and electricity prices every month. The goal of MEKH with the international price comparison is to have an international final user price comparison collected on the same methodological basis, with the same content and composition.