New research reveals that the UK has the third highest price increase for electricity worldwide

New research by BOXT has looked at Government information on electricity and gas prices over the past five years to analyse the impact of the worsening cost of living worldwide and found which countries have had the biggest year-on-year increase. 
Top 10 countries with the biggest electricity bill price increase:

Rank

Country

5 year difference

1

Norway

91%

2

Finland

37%

3

United Kingdom

35%

3

Czech Republic

35%

3

Denmark

35%

6

Greece

31%

7

Netherlands

29%

8

France

28%

9

Poland

23%

10

Ireland

20%

Norway is the country with the biggest increase in electricity prices worldwide – 91% increase in electricity cost in pence/kWh since 2016. To help residents cope with rising energy prices, the Norwegian government is covering 80% of the portion of electricity price that exceeds NOK 0.70 per kWh at least until March 2023. From October to December of 2022, that percentage has increased to 90%.

The second highest electricity rises are in Finland – Since 2016, Finnish residents have seen their electricity bills increase by almost two-fifths (37%) on average. To combat soaring prices, the government in Finland recently cut electricity VAT from 24% to 10% and also announced plans to offer €10 billion of liquidity guarantees to the energy sector, in an effort to prevent a nationwide financial crisis.

Tied in third place are the Czech Republic, Denmark, and the United Kingdom with 35% increases in electricity prices. The unit price for electricity in these countries has risen by over a third (35%) in the last five years. In the UK we found there was a 35% increase in the average unit price from 14.35 pence/kWh to 19.31 pence/kWh. The British government has introduced some measures to help domestic consumers cope with price surges, such as the cap on gas and electricity charges and the £400 non-repayable bill discount to eligible households over winter.

You can view the full research here: https://www.boxt.co.uk/boilers/guides/energy-crisis-surges