Global household electricity prices 2024, by select country

Italy, Ireland, and Denmark had some of the highest household electricity prices worldwide, as of March 2024. At the time, Italian households were charged around 0.43 U.S. dollars per kilowatt-hour, while in Ireland, the price stood at 0.41 U.S. dollars per kilowatt-hour. By comparison, in the United States, residents paid almost three times less. 

What is behind electricity prices?

Electricity prices vary widely across the world and sometimes even within a country itself, depending on factors like infrastructure, geography, and politically determined taxes and levies. For example, in Denmark, Belgium, and Sweden, taxes constitute a significant portion of residential end-user electricity prices.

Reliance on fossil fuel imports

Meanwhile, thanks to their great crude oil and natural gas production output, countries like Iran, Qatar, and Russia enjoy some of the cheapest electricity prices in the world. Here, the average household pays less than 0.1 U.S. dollars per kilowatt-hour. In contrast, countries heavily reliant on fossil fuel imports for electricity generation are more vulnerable to market price fluctuations. The top importers of natural gas in Europe in 2023 were Germany and Italy, where this energy source constitutes a relevant share of the power mix.