Cyprus recorded the second-highest electricity prices in the European Union relative to consumers' purchasing power during the second half of 2024, according to data published by Eurostat, the EU’s statistical agency.

In terms of purchasing power standards (PPS), electricity prices for households were highest in the Czech Republic (41.00), followed by Cyprus (35.70) and Germany (35.23). The lowest prices based on PPS were observed in Malta (14.33), Luxembourg (15.39), and Hungary (15.45).

In absolute terms, the highest electricity prices among EU member states were recorded in Germany (€39.43 per 100 kWh), Denmark (€37.63), and Ireland (€36.99). The lowest prices were found in Hungary (€10.32), Bulgaria (€12.17), and Malta (€13.01).

Despite steady EU-wide averages, significant price fluctuations were noted across individual member states (in national currency values).

Household electricity prices rose sharply in Portugal (+14.2% compared to the second half of 2023), Finland (+13.6%), and France (+12.9%). Conversely, notable decreases were seen in Latvia (-17.8%), the Netherlands (-14.3%), and Belgium (-12.3%).

On a Europe-wide level, average electricity prices for households in the second half of 2024 remained largely stable, dropping slightly to €28.72 per 100 kWh from €28.89 in the first half of the year. Prices still remain significantly higher than levels recorded before the 2022 energy crisis.

In 2024, the share of taxes on electricity bills slightly increased from 24.3% to 25.1% in the second half of the year due to minor tax hikes. Although the overall cost of energy and supply in the EU decreased compared to 2023, network costs increased in 18 EU countries, resulting in an overall 8.9% rise in EU network charges year-on-year.

Electricity prices for non-household consumers also remained generally stable in the second half of 2024, with more countries reporting decreases than increases. On average, prices excluding VAT rose marginally from €18.67 to €18.99 per 100 kWh.

According to Eurostat, this stability marks a pause in the downward trend observed over the past 18 months, indicating that prices have leveled off. Meanwhile, the share of non-recoverable taxes and levies slightly decreased to 15.9%, down from 16.6% in the first half of 2024.

In 19 EU countries, non-household electricity prices fell, while six countries reported increases compared to the second half of 2023. Notable reductions were observed in Austria (-18.8%), France (-16.3%), and Belgium (-16.1%), mainly due to lower energy and supply costs. In contrast, increases were reported in Portugal (+14.7%), the Czech Republic (+11.8%), and Denmark (+9.8%), primarily due to higher network costs and the gradual phasing out of tax cuts and subsidies.