In Iceland, electricity prices for households with a consumption between 2,500 and 5,000 kilowatt-hours averaged 15.3 euro cents per kilowatt-hour in the first half of 2023. Residents of Iceland noticed a steep increase in their power bills from 2020 until 2022.
Renewable energy in Iceland
Iceland has been able to take advantage of the local environment to generate significant amounts of energy from renewable resources. Hydropower is the leading source of electricity generation in the country, making up for over 70 percent of the total electricity production of Iceland. The country has a hydropower capacity of two gigawatts.
Cheap electricity
Compared to the EU average electricity price, Iceland's electricity is significantly cheaper. For instance, the average price for EU households with a consumption between 2,500 and 5,000 kilowatt-hours annually was 28.9 euro cents in the first half of 2022, around 13 cents more than in Iceland.
Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023
(in euro cents per kilowatt-hour)
Characteristic
1,000-2,500 kWh
2,500-5,000 kWh
H1 2023
18.49
15.31
H2 2022
18.7
15.48
H1 2022
18.32
15.3
H2 2021
16.73
13.87
H1 2021
16.28
13.55
H2 2020
14.99
12.48
H1 2020
16.07
13.41
H2 2019
17.14
14.31
H1 2019
17.1
14.29
H2 2018
17.61
14.57
H1 2018
18.67
15.45
H2 2017
18.55
15.18
H1 2017
19.57
15.98
H2 2016
18.26
14.78
H1 2016
16.25
13.12
H2 2015
15.75
12.65
H1 2015
14.93
11.97
H2 2014
14.5
11.58
H1 2014
14.13
11.33
H2 2013
13.47
10.72
H1 2013
13.22
10.53
H2 2012
15.54
11.64
H1 2012
14.86
11.1
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Prices including all taxes, levies and VAT. Band-DB (Small): annual consumption between 1,000 and 2,500 kWh Band-DC (Medium): annual consumption between 2,500 and 5,000 kWh.
The published data are national average prices over a period over 6 months. Semester 1 prices are average prices between 1st January and 30th June of each year, semester 2 prices are average prices between 1st July and 31st December of each year.
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Eurostat. (October 18, 2023). Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023 (in euro cents per kilowatt-hour) [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/643385/electricity-prices-for-households-in-iceland/
Eurostat. "Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023 (in euro cents per kilowatt-hour) ." Chart. October 18, 2023. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/643385/electricity-prices-for-households-in-iceland/
Eurostat. (2023). Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023 (in euro cents per kilowatt-hour) . Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/643385/electricity-prices-for-households-in-iceland/
Eurostat. "Electricity Prices for Households in Iceland from 1st Quarter 2012 to 1st Quarter 2023 (in Euro Cents per Kilowatt-hour) ." Statista, Statista Inc., 18 Oct 2023, https://www.statista.com/statistics/643385/electricity-prices-for-households-in-iceland/
Eurostat, Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023 (in euro cents per kilowatt-hour) Statista, https://www.statista.com/statistics/643385/electricity-prices-for-households-in-iceland/ (last visited December 30, 2024)
Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023 (in euro cents per kilowatt-hour) [Graph], Eurostat, October 18, 2023. [Online]. Available: https://www.statista.com/statistics/643385/electricity-prices-for-households-in-iceland/
