Global household electricity prices 2023, by select country

Ireland, Italy, and Belgium had some of the highest household electricity prices worldwide, as of December 2023. At the time, Irish households were charged around 0.47 U.S. dollars per kilowatt-hour, while in Italy the price stood at 0.45 U.S. dollars per kilowatt-hour. By comparison, in the United States, residents paid almost three times less. 

What is behind electricity prices?

Electricity prices vary widely across the world and sometimes even within a country itself, depending on factors like infrastructure, geography, and politically determined taxes and levies. For example, in Denmark, Belgium, and Sweden, taxes constitute a significant portion of residential end-user electricity prices.

Reliance on fossil fuel imports

Meanwhile, thanks to their great crude oil and natural gas production output, countries like Iran, Qatar, and Russia enjoy some of the cheapest electricity prices in the world. Here, the average household pays less than 0.1 U.S. dollars per kilowatt-hour. In contrast, countries heavily reliant on fossil fuel imports for electricity generation are more vulnerable to market price fluctuations. The top importers of natural gas in Europe in 2022 were Italy and Germany, where this energy source constitutes a relevant share of the power mix.