Electricity is the world’s second cheapest in Hungary!
With the cost of living still having a global impact, a new study has revealed that Hungary has some of the least expensive electricity bills in the world.
The research, conducted by the team at Drive Electric, analyzed factors such as electricity costs for OECD countries, average electricity consumption per capita and the average wage in each country to determine which country pays the most on their electricity bills. You can view the full research HERE.
The Top 10 countries with the cheapest electricity:Â
|
Rank |
Country |
Cost of Electricity per kWh (December 2022) |
|
1 |
Mexico |
£0.08 |
|
2 |
South Korea |
£0.09 |
|
2 |
Hungary |
£0.09 |
|
4 |
Canada |
£0.10 |
|
5 |
Iceland |
£0.12 |
|
6 |
Israel |
£0.13 |
|
7 |
United States |
£0.14 |
|
7 |
New Zealand |
£0.14 |
|
9 |
Norway |
£0.15 |
|
10 |
Poland |
£0.16 |
The country that has the lowest cost of electricity per kWh, is Mexico, just south of the US border. As of December 2022, the people in Mexico paid around £0.08 per kWh, making it the most affordable country in the world for electricity. Tied for second place for countries with the lowest electricity costs, we have South Korea, in East Asia. The people of South Korea only paid £0.09 per kWh for their electricity as of December 2022.
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Sharing second place is Hungary. This landlocked Central European country shares second place with South Korea, also having a cost of £0.09 per kWh for electricity.
Further research shows:Â
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The country with the highest electricity price per kWh is Italy, which stretches along the Mediterranean Sea. The price of electricity in this country is £0.62 per kWh as of December 2022.
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Mexico comes out on top for countries that spend the least amount of their wages on electricity bills yearly, based on their average consumption of 2,375 kWh and a cost of £0.08 per kWh. Annually, people in Mexico spend around £183 on their electricity bills, which is just 1.39% of the country’s average annual wage of £13,124.
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The UK, on average, spent just below 5% of their wages on electricity bills; likely, it was much higher than that for people on lower incomes than the average of £34,476.