Soaring energy prices: How does the UK compare with Europe?

Vitality payments within the UK will leap by 80% this winter, the nation's vitality regulator Ofgem introduced at present, because the Ukraine conflict continues to drive up costs.  

The hike means the typical family pays €4,182 (£3,549) annually to warmth and energy their properties, main NGOs to warn that tens of millions shall be plunged into poverty -- except the federal government steps in. 

However how do UK vitality costs evaluate to these throughout Europe? 

These infographics present which European households are forking out probably the most for his or her fuel and electrical energy payments and people paying the least.

Electrical energy costs

The above chart reveals how a lot these dwelling in Europe are paying on common for his or her electrical energy.

Even earlier than at present's hike was introduced, UK households confronted among the highest costs in Europe -- almost double France. Solely the Czech Republic was larger than the UK, which was adopted by Italy and Estonia. 

Norway, which has giant reserves of oil and fuel, has the most affordable electrical energy payments, forward of Eire and Malta in second and third, respectively. 

Having not too long ago struck new vitality offers with Russia, households in Hungary are additionally paying among the lowest charges for his or her electrical energy in Europe.  

The chart is predicated on knowledge for July and compares costs for households in European capitals. 

To standardise the info -- and so make a comparability doable -- the costs are adjusted to buying energy requirements, which eliminates the worth degree variations between nations.  

Fuel costs

Utilizing the identical methodology because the earlier infographic, this chart compares fuel costs in Europe. 

Whereas there are some similarities to electrical energy costs -- with each Hungary and Russia paying the least for his or her fuel -- most nations fare in another way. 

Bulgaria, the Netherlands and Greece are on the unlucky prime spot, with households grappling with vitality costs manner above the European common. 

The UK, which doesn't import a single whiff of fuel from Russia, lies in the course of the chart, though the latest value hike is ready to push the nation in direction of the higher finish of the pile. 

So what are European nations doing about it?

Vitality costs are rising in each European nation, although the fallout for individuals isn't the identical. 

That is largely resulting from governments stepping in to attempt to protect households from the seemingly unending surge in fuel and electrical energy costs. 

The UK -- ready to know who its subsequent prime minister shall be -- has been criticised for not doing sufficient to assist individuals deal with the worth will increase. 

In spring the federal government introduced all households will get a £400 rebate on vitality payments, which means £60 shall be knocked off vitality payments each month for six months. 

Nevertheless, vitality costs have skyrocketed for the reason that measures had been revealed, and from October a typical family will see month-to-month vitality payments of round £300 a month.

However the scenario isn't the identical in different main European nations. 

France

France can be providing a one-off fee to its residents to assist them face exhausting occasions, although at simply €100 that is significantly decrease than within the UK and Italy.

However France has stepped up its recreation on the supply, forcing the nation's state-owned vitality supplier EDF to restrict electrical energy wholesale value rises to 4% a yr. 

This is without doubt one of the the reason why the French have among the lowest fuel and electrical energy costs, as outlined within the above charts. 

Nevertheless, the nation's largest supply of vitality is nuclear, which means it's much less affected by spikes in fuel and oil costs. 

The federal government's intervention is predicted to price France €8.4 billion.

Germany

Germany, which is closely reliant on Russian vitality, has pledged to scale back taxation on pure fuel from 19% to 7%, on prime of measures geared toward chopping vitality consumption. 

The German authorities additionally accredited two aid packages totalling €30 billion to assist its residents with rising vitality costs this yr.

In the meantime, closely subsidised public transport tickets -- at €9-a-month -- have been supplied to Germans in a bid to alleviate the price of dwelling disaster and enhance the nation's inexperienced credentials. 

German households will nonetheless pay virtually €500 extra a yr for his or her fuel resulting from a brand new levy -- to be imposed from October -- serving to utility firms cowl the price of changing Russian provides.

Italy

In August, Italy accredited a brand new help package deal price round €17 billion to assist shield individuals and companies from surging vitality prices. 

This got here on prime of an additional €35 billion put aside since January to battle the price of dwelling disaster.

Italy has additionally introduced its intention to tax firms benefiting from larger vitality costs, whereas selling a value cap at a European degree to assist include value spikes.

Hungary

Hungary's authorities has declared a state of emergency over vitality, tightening guidelines round value caps. 

In what marked a outstanding U-turn on a key coverage, Hungarian Prime Minister Viktor Orban scraped vitality value limits for high-usage households, although controls stay in place for these utilizing lower than the typical. 

Vitality costs have been frozen in Hungary for nearly a decade, with households having among the lowest fuel and electrical energy payments in Europe since 2013. 

The typical Hungarian's month-to-month electrical energy invoice is available in at round €19, which might be about 5 occasions extra if the cap was not in place. 

Vowing that Hungary may have sufficient, Orban has signed new fuel offers with Russia, scary the ire of European leaders. 

Spain

Like Italy, Spain has taxed vitality firms raking in big income from the latest vitality value will increase and pledged to make use of the cash to assist its residents pay their payments.

Madrid has already slashed value-added tax (VAT) on vitality from 21% to 10%, whereas additionally chopping an present tax on electrical energy from 7% right down to 0.5%.

Spain at present enforces a one-year cap on fuel costs, agreed by the European Fee, which ensures they continue to be decrease than a median of €50 per megawatt-hour.

Post a Comment

Previous Post Next Post