Sofia ranks fifth among European capitals in terms of natural gas prices for households, when the comparison is made according to purchasing power. In euros, the Bulgarian capital ranks 18th, but when adjusted for differences in the cost of living, the value reaches 15.6 points.
The data are from the Household Energy Price Index (HEPI), which compares final prices with taxes included. The indicator measures the price per unit of energy, not the size of the monthly bill, which also depends on consumption.
Stockholm is a leader in terms of gas prices
The average price of natural gas in the capitals of the European Union is 11.9 euro cents per kilowatt-hour. The most expensive gas is in Stockholm – 34.8 eurocents, followed by Amsterdam with 21.2 eurocents. At the other end of the ranking is Kiev with 1.5 eurocents per kilowatt-hour.
After adjusting for purchasing power, Stockholm remains in the lead with 28.5 points, and Budapest is the cheapest capital with 3.6 points. Lisbon is in third place with 18.6 points, Amsterdam with 18.1, Rome - with 15.9, and Sofia - with 15.6.
This is the largest increase in the ranking among the compared capitals. The difference shows that a nominally lower price does not necessarily mean a lower burden on households when compared to local incomes and expenses.
Electricity is most expensive in Brussels
For electricity, the average value for EU capitals is 27.2 euro cents per kilowatt-hour. The highest price is in Brussels – 41.3 euro cents, followed by Berlin with 39.6, Dublin with 38.7, Bern with 38.6 and London with 38.3 euro cents.
The lowest price was recorded in Kiev – 8.4 euro cents per kilowatt-hour. Budapest follows with 10.3, Podgorica with 11.3, Belgrade with 11.6 and Valletta with 12.3 euro cents.
When prices are adjusted for purchasing power, the ranking changes significantly. Bucharest becomes the most expensive city with 55.1 points, and Oslo – the cheapest with 11.5. Rome is the most expensive among the capitals of the five largest European economies, while Paris is the cheapest in this group.
Gas markets face winter with fewer reserves
Between February 2 and September 1, gas prices for households in EU capitals increased by an average of 12%, while electricity prices rose by 4.2%. The largest increase in gas was recorded in Tallinn – 59.2%, from 7.8 to 12.4 euro cents per kilowatt-hour.
Wholesale gas futures on the TTF index reached 87.20 euros per megawatt-hour – the highest level in almost four years. Fixed contracts and government support can slow the transfer of price increases to final bills, but the effect on households may appear with some delay.
According to the Institute for Energy Economics and Financial Analysis, gas storage facilities in the EU were 72.4% full as of October 3 – the lowest level for this period since statistics began in 2011. “The EU enters winter with gas storage facilities filled to around 72.4%,“ the institute said.
Sources: euronews.com