Electricity and natural gas prices rise due to Russian invasion - financial expert analyzes the current situation.

Electricity and natural gas prices rise due to Russian invasion - financial expert analyzes the current situation.

Electricity and natural gas prices rose sharply after Russia invaded Ukraine in 2022. In the first half of 2023, electricity prices for private households in the EU reached a high of 28.9 euros per 100 kWh. Natural gas prices also rose to 11.9 euros per 100 kWh, which are the highest prices recorded by Eurostat to date. Since then, pre-tax prices have fallen again, but support for households in some countries has been frozen, leading to higher consumer prices. The EU has largely replaced energy supplies from Russia and appears to be better prepared for the winter. However, pricing and impacts vary across EU countries. The lowest electricity prices were recorded in Bulgaria (11.4 euros per 100 kWh) and the highest in the Netherlands (47.5 euros per 100 kWh). When it came to gas prices, Hungary (3.4 euros per 100 kWh) was at the lowest level and the Netherlands (24.8 euros per 100 kWh) was at the highest level. Overall, electricity prices rose in 22 EU countries and gas prices rose in 20 of the 24 Member States. The Netherlands recorded the largest increase in electricity prices by almost 1000% compared to last year. EU energy imports from Russia have fallen sharply as the share of natural gas imports from Russia fell to just 12% from almost 50% last year. It remains to be seen whether the recent outbreak of war between Israel and Hamas will have a similar impact on European energy supplies and prices.

Source: According to a report by en.euronews.com