Hungary Maintains Lowest Utility Bills in the EU Despite Decrease in Other Countries
Budapest has the Lowest Gas and Electricity Prices in the EU
According to a report by World Economy, Budapest has been ranked as the city with the lowest gross residential end-user prices for natural gas and electricity in the European Union. The data, published by Finland’s VaasaETT, shows that the gross end-user price of electricity for European residents was nine percent lower in May compared to the previous year, while the price for natural gas had dropped by 11 percent.
The prices have been steadily declining from their peak in October 2022, with Hungary maintaining consistently low official prices, frozen at a low level for the past decade. The cost of a kilowatt hour of electricity in Budapest was reported to be 9.44 euro cents in May, with Kiev being the only city with lower prices in the overall European list.
Comparatively, Berlin had four times the price of energy compared to Budapest, highlighting the significant difference in energy costs between the two cities. While most European governments have taken steps to contain household prices during the energy crisis, resulting in varying impacts on price changes across capitals.
While some cities like Amsterdam and Madrid saw a three percent increase in residential electricity prices, others like Helsinki and Oslo experienced a six percent decrease. In Hungary, electricity and gas prices for households have remained stable, with adjustments made to reflect changes in transportation and distribution costs.
The overall trend in the EU is towards cheaper residential electricity prices, with several capitals witnessing price drops. Despite some cities experiencing price increases due to energy taxes and distribution costs, the general direction is towards more affordable energy prices for residents across Europe.
In Hungary, efforts are being made to balance the costs of energy production and distribution to ensure fair pricing for consumers. With a focus on maintaining low energy prices for households, Budapest continues to lead the way in offering affordable gas and electricity rates for its residents.
