Financial Times finds out where Europe’s electricity prices are highest

MOSCOW, 7 Sep — PRIME. The highest electricity prices for households among European countries in the UK, for gas – in the Netherlands, the lowest gas prices are observed in Hungary, the Financial Times newspaper reported, citing data from the consulting company Energy Prices.

“The price of electricity for households in the UK is about 30% higher than in the next most expensive country – Italy … For gas, households in the Netherlands pay the highest costs, followed by Germany,” the newspaper said.

Hungary has the lowest household gas prices by a wide margin, with the publication noting that despite criticism in Europe, Budapest has negotiated a series of deals with Russia to secure gas supplies at lower prices.

According to RIA Novosti, the average settlement price of gas on the stock exchange in Europe in August increased by more than 35%, to almost $2,450 per thousand cubic meters, while during the month the quotes crossed the threshold of $3,500 and approached the historical maximum of $3,892. So far, quotes are about ten times higher than last year’s prices, when gas prices were already record high. There have not been such high prices since 1996 during the operation of gas hubs in Europe.

According to a study by the Confederation of European Trade Unions, in most EU countries the average annual electricity bill today exceeds the average monthly income, and in some countries people must work more than thirty days to pay such a bill.

The head of the European Commission at the end of August announced that the EC is working on operational and longer-term measures to improve the situation against the backdrop of rising electricity prices in the EU, which mainly depend on the cost of “blue fuel”. She then said it was time to cap the price of Russian pipeline gas to Europe.

The West stepped up sanctions pressure on Russia, which led to higher prices for electricity, fuel and food in Europe and the United States. Russian President Vladimir Putin has previously stated that the policy of containing and weakening Russia is a long-term strategy for the West, and sanctions have dealt a serious blow to the entire global economy. According to him, the main goal of the West is to worsen the lives of millions of people.