Hungary household energy prices among lowest in Europe

Retail energy prices in Hungary are among the lowest in Europe, business daily Világgazdaság said on Friday, citing a survey of 29 European countries carried out by the Hungarian Energy and Public Utility Regulatory Authority (MEKH).

According to the survey,

Budapest had the lowest retail gas prices and the fourth lowest electricity prices among the 29 countries at the end of last year.

Household gas prices in the Hungarian capital averaged 0.0317 euros per kWh, while the average retail price for electricity was 0.1161 euros per kWh.

Gas prices were highest in Stockholm, Sweden at 0.2401 euros, while Copenhagen, Denmark had the highest electricity prices at 0.3230 euros per kWh.

Electricity was cheapest in Belgrade, Serbia at 0.0722 euros.

As the survey says, the Residential electricity prices steadily decreased over the first half of 2009 and reached a trough at 96 index points in July 2009 as the economic crisis took its toll on demand and wholesale prices plummeted. Prices started to recover in the second half of 2009 together with (temporary) green shoots in economic activity and a general feeling that the worst of the crisis was behind us. They have been on an upward trend since then. The index for electricity reached as high as 117 index points in January 2015. Since then, it faltered and remained around 110 index points in 2016 and 2017. However, recent developments on the wholesale markets point to upcoming increases as the index rate currently stands at its highest value at 119 points.

Household Energy Price Index for Europe: December 2018

Source: MTI