Which Country in Europe Has the Cheapest Electricity?

The cheapest electricity in Europe is found in Turkey (4.9 Cents/kWh), Ukraine (5.8 Cents/kWh) and Georgia (7.1 Cents/kWh). Within the EU, the countries with the lowest electricity prices are Hungary (10.9 Cents/kWh), Malta (13.0 Cents/kWh) and Bulgaria (13.2 Cents/kWh).

By contrast, Denmark (37.1 Cents/kWh), Ireland (37.4 Cents/kWh) and Germany (39.5 Cents/kWh) have the highest prices.

The lowest electricity prices worldwide are found in Turkmenistan at 0.7 cents per kWh.

World Electricity Prices

Interactive map of electricity prices by country, in euros per kilowatt-hour (€/kWh).

Country Price (€/kWh)
Electricity Prices in Europe
Country Price per kWh Number of Electricity Suppliers
Turkey 4.9 Cents/kWh 21 suppliers
Ukraine 5.8 Cents/kWh 39 suppliers
Georgia 7.1 Cents/kWh 2 suppliers
Belarus 7.1 Cents/kWh Belenergo
Russia 7.6 Cents/kWh 1300 suppliers
Bosnia & Herzegovina 8.0 Cents/kWh EPBiH
Iceland 8.0 Cents/kWh 6 suppliers
Albania 8.6 Cents/kWh KESH
North Macedonia 9.0 Cents/kWh EVN
Armenia 10.1 Cents/kWh ENA
Hungary 10.9 Cents/kWh 6 suppliers
Serbia 12.0 Cents/kWh EPS
Malta 13.0 Cents/kWh Enemalta
Bulgaria 13.2 Cents/kWh 4 suppliers
Croatia 15.0 Cents/kWh HEP
Global average 15.0 Cents/kWh
Romania 18.8 Cents/kWh 51 suppliers
Slovakia 19.3 Cents/kWh 3 suppliers
Norway 19.9 Cents/kWh 129 suppliers
France 20.2 Cents/kWh 114 suppliers
European average 20.7 Cents/kWh
Moldova 21.0 Cents/kWh 2 suppliers
Luxembourg 21.0 Cents/kWh 5 suppliers
Poland 21.5 Cents/kWh 184 suppliers
Slovenia 21.7 Cents/kWh ELES
Greece 21.7 Cents/kWh Hellenic Electricity Distribution Network Operator
EU average 23.7 Cents/kWh
Lithuania 24.0 Cents/kWh 6 suppliers
Portugal 24.3 Cents/kWh 13 suppliers
Sweden 24.3 Cents/kWh 170 suppliers
Spain 24.4 Cents/kWh 333 suppliers
Finland 24.7 Cents/kWh 77 suppliers
Estonia 25.3 Cents/kWh 27 suppliers
Latvia 25.5 Cents/kWh 11 suppliers
Netherlands 27.0 Cents/kWh 6 suppliers
Austria 29.0 Cents/kWh 114 suppliers
Switzerland 29.0 Cents/kWh 600 suppliers
Liechtenstein 29.0 Cents/kWh LKW
United Kingdom 32.0 Cents/kWh Multiples suppliers
Cyprus 32.4 Cents/kWh EAC
Italy 32.7 Cents/kWh 140 suppliers
Czechia 33.8 Cents/kWh 3 suppliers
Belgium 34.8 Cents/kWh 7 suppliers
Denmark 37.1 Cents/kWh Multiple suppliers
Ireland 37.4 Cents/kWh ESB Networks
Germany 39.5 Cents/kWh 940 suppliers

Data collected by Selectra based on Eurostat and local experts. Updated bi-annually.

Difference Between Europe and the EU
Europe includes 43 countries, such as Russia, while the EU includes 26. The average kWh price in the EU is 23.7 Cents, while across Europe it is 20.7 Cents per kWh. This is mainly due to the higher standard of living and lack of oil reserves in the EU.

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How Do Spot Price and Consumer Electricity Prices Differ?

The spot price is the price for electricity on the market on a given day. All countries that are members of ENTSO-E and have interconnected grids determine the spot price for the next day at the power exchange. However, this price has nothing to do with what consumers ultimately pay:

  • The spot price is expressed in € per MWh, while the consumer price is given in € per kWh.
  • The spot price changes hourly, while the consumer price changes more infrequently.
  • The consumer price includes taxes and levies making up to between 30–70% of the total, while the spot price is "raw" before any charges or taxes have been applied.

However, in Ireland, the spot price is used to calculate consumer prices for dynamic tariffs, which every electricity supplier will be required to offer from 2026.

Are Electricity Prices in Europe the Highest in the World?

Europe is the continent with the highest electricity prices in the world, with an average price of 20.7 Cents per kWh, or even 23.7 Cents per kWh when only comparing EU countries. This is far above the global average of 15.0 Cents per kWh.

Electricity prices in Europe are consistently higher than in countries like the US, primarily due to dependency on imported fossil fuels, especially natural gas. According to a study by Bruegel, wholesale gas prices in Europe in 2024 were about five times higher than in the US.

This difference is exacerbated by the fact that Europe lacks large-scale domestic energy resources, unlike the US, which benefits from vast shale gas reserves and has become the largest exporter of liquefied natural gas (LNG).

Why Are Electricity Prices So High in Europe?

High energy costs in Europe also stem from the costs of energy supply, taxes, levies, and fixed costs for renewable energy as well as maintenance of infrastructure. These costs are passed on to consumers. In comparison, economies like the US benefit from lower production costs due to local fossil fuels, reducing their electricity prices, especially for industry.

Will European Electricity Prices Become Cheaper?

The transition to a carbon-free economy could influence the situation in Europe. In the short term, reducing dependence on imported fossil fuels could lower prices, though not before 2025 due to the additional costs associated with importing LNG.

In the long term, increasing the share of renewables and investments in infrastructure necessary to integrate them into the European system could lower costs. However, these savings must offset massive investments in renewable technology and infrastructure, which are likely to increase fixed costs, especially for solar and wind.

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European Electricity Prices Methodological Note

The data in this article comes from Selectra and is collected from national providers, Eurostat, or ENTSOE. Spot prices are updated daily, while national prices are revised every six months.

Frequently Asked Questions About European Electricity Prices

Germany has the most expensive electricity in Europe at 39.5 Cents/kWh. Ireland ranks with 37.4 Cents/kWh, above the EU average of 23.7 Cents/kWh.
Ireland's high electricity prices are driven by heavy reliance on natural gas (nearly 50% of generation), its island location limiting interconnection, rising network charges, a carbon tax of €71 per tonne, and growing demand from data centres.
Turkey has the cheapest electricity in Europe at 4.9 Cents/kWh.
You can save by switching providers annually, moving to a smart meter plan, investing in solar panels, improving home insulation, and availing of SEAI grants.

Further Reading