The price of electricity in Spain fell by 30% in the second half of 2023 compared to 2022, the second largest drop among EU countries
Spain emerged as a standout country in the European Union in terms of the decrease in electricity prices for domestic use in 2023. Data released by Eurostat reveals that the price of energy consumed in households in Spain was 30% lower in the second half of 2023 compared to the same period in 2022, amidst the energy crisis. This decrease in prices led to stabilization after the turbulence experienced in 2022. Additionally, gas prices in Spain were in the middle range among EU countries, but the average price was 50% lower than the previous year.
With an average price of 25.17 euros per 100 kilowatts/hour, or 251 euros/MWh, Spain saw one of the largest drops in the price of electricity, surpassed only by Denmark (39% decrease) and Sweden (20% decrease). In 2022, the average price of electricity in Spain was 30.7 euros per 100 kilowatts/hour, while in 2021, before the energy crisis, it was 19.2 euros per 100 kW/h.
Although Spain experienced the second-largest decrease in electricity prices in the EU, in the second half of 2023 it ranked in the middle among the EU member states. The cheapest electricity prices were found in Hungary (11.3 euros), Bulgaria (11.9 euros), and Malta (12.8 euros), while Germany (40.2 euros), Ireland (37.9 euros), and Belgium (37.8 euros) had the highest prices.
In the EU as a whole, the price of electricity for domestic consumers fell in 13 out of the 27 countries in the second half of 2023 compared to the same period in 2022, including the summer with record-breaking prices. Non-domestic consumers also saw a decrease in prices, with 17 countries experiencing lower prices and a European average of -4.6% compared to the second half of 2022.
On the other hand, the countries with the highest increase in electricity prices were the Netherlands (86% more expensive), the Czech Republic (83%), Poland (35%), and Germany (20%).
In terms of gas prices, Eurostat data for the second half of 2023 indicates that the price of gas in Spain was half of the average price in 2022. Between June and December 2023, gas cost an average of 10.87 euros per 100 kilowatts/hour in Spain, while the annual average for 2022 was 24.9 euros. Spain’s gas prices were neither significantly high nor low, falling in the middle range. Lithuania experienced the highest increase in gas prices (68%), while Denmark saw the largest decrease (39%) during the same period.