Energy Bills in Europe Reach Record Levels

Although governments are spending billions to protect people from the energy crisis, European households are still paying more for natural gas and electricity this year than ever.

In October, the average price of natural gas in the European Union and Great Britain amounted to almost €0.18 per kilowatt hour, which, according to the information of the energy consulting company VaasaETT, is double the rate compared to the same period last year. In the same interval, household electricity costs increased by 67% to €0.36 per kilowatt hour.

The energy tax figures were released after EU governments pledged more than €550 billion to protect people and businesses from high costs. According to the CEO of VaasaETT, without the support of the countries, it is very likely that household costs for European families would be much higher.

On a monthly basis, in October, the average unit rate for electricity increased by 3.4% and for natural gas by 2.5%. The highest monthly increases, with a 44% increase in electricity rates in Dublin, and a 97% increase in average gas prices were recorded in Rome.

In October, unusually warm weather for the season proved a relief to both consumers and governments. However, as winter approaches, prices will rise, creating more problems for political leaders trying to keep costs low artificially.