New research has found that Hungary pays the least for electricity in Europe, costing €110.90 per MWh, which is 55% less than the European average.
The study, conducted by banking experts at Finansvalp, analysed Eurostat data on electricity prices throughout the second half of 2023 to identify the European countries paying the most and least for electricity.
Bulgaria has the second-lowest electricity prices, behind Hungary, at €119.40 per MWh—51% below the European average.
Norway ranks third, with electricity costing 51% less than the European average at €121.10 per MWh.
At the other end of the scale, Germany is the European country with the highest electricity prices.
According to the study, Germany has the highest electricity prices in Europe, costing €416.20 per MWh, which is 69% higher than the European average of €245.78 per MWh.
Belgium is the European country with the second-highest electricity prices, paying €377.20 per MWh – 53% above the European average.
Ireland ranks third, with electricity costing €374.60 per MWh, which is 52% higher than the European average.