Electricity prices
Electricity prices, March 2024: The average electricity price in the world is USD 0.155 kWh for residential users and USD 0.150 USD per kWh for businesses.
The highest residential electricity prices are in Europe at USD 0.228 per kWh and the lowest average prices are in Asia with USD 0.082.
Africa (0.119), Australia (0.236), North America (0.142), and South America (0.185) are in between.
The highest business electricity prices are also in Europe at USD 0.195 per kWh and the lowest prices are in Africa (0.108) and Asia (0.082).
On the other continents: Australia (0.205), North America (0.161), and South America (0.189).
You can see averages by continent and other country groups at our regional prices page.
You can also look at a world map of the electricity prices by country.
Or you can explore the energy mix by country.
Historical data and the latest electricity price data from September 2024 are available for download.
Historical data and the latest electricity price data from September 2024 are available for download.
New: See the most recent price trends until Q3 2024 below the chart.
Electricity prices for households, March 2024
(kWh, U.S. Dollar)
(kWh, U.S. Dollar)
0.002
0.003
0.006
0.006
0.006
0.008
0.013
0.013
0.014
0.015
0.015
0.019
0.019
0.019
0.021
0.023
0.026
0.027
0.029
0.032
0.040
0.043
0.046
0.047
0.048
0.048
0.049
0.051
0.052
0.052
0.053
0.054
0.055
0.055
0.059
0.062
0.063
0.064
0.065
0.068
0.070
0.075
0.075
0.077
0.077
0.080
0.083
0.084
0.090
0.091
0.093
0.095
0.097
0.097
0.097
0.100
0.104
0.106
0.106
0.112
0.113
0.119
0.121
0.124
0.126
0.127
0.127
0.128
0.129
0.131
0.131
0.133
0.133
0.136
0.137
0.144
0.146
0.148
0.149
0.150
0.155
0.163
0.167
0.167
0.168
0.171
0.174
0.175
0.176
0.177
0.180
0.181
0.182
0.183
0.183
0.184
0.185
0.187
0.189
0.194
0.196
0.204
0.206
0.209
0.210
0.211
0.211
0.213
0.217
0.218
0.218
0.219
0.221
0.224
0.229
0.229
0.230
0.235
0.236
0.244
0.249
0.251
0.253
0.256
0.260
0.261
0.265
0.284
0.290
0.298
0.305
0.308
0.313
0.346
0.351
0.352
0.357
0.357
0.360
0.372
0.375
0.397
0.400
0.429
0.433
0.447
0.458
0
0.1
0.2
0.3
0.46
The most and least expensive countries in terms of residential electricity rates
The lowest residential electricity prices are in Ethiopia, Iran, Libya, Syria, Sudan and a few other countries where one kWh of electricity costs less than USD 0.10. Some of these counties, such as Iran and Libya, subsidize their electricity prices as they are rich in energy resources. Others, such as Ethiopia, are pressed to subsidize prices as incomes in the country are very low and electricity is an essential product.
The most expensive country in our latest rankings is Bermuda. A remote island country, it has to rely on fossil fuels for electricity generation with no option to import electricity from a neighbor. The Bahamas, also among the most expensive countries, faces a similar situation. But there are also several European countries among the most expensive such as Italy, Ireland and the U.K. These countries have higher taxes and relatively high transmission and distribution costs.
Business rates in the largest economies
The cost in the US, the largest economy in the world, is USD 0.145 per kWh which is slightly below the world average. The rates in the second largest economy, China, are even lower and stand at USD 0.09 per kWh.
In contrast, German businesses pay USD 0.252 per kWh and Japan is in between with USD 0.192. These differences show that energy policies differ by country. China and the U.S. try to keep cost down whereas Germany maintains high prices as part of the effort to transition to cleaner energy.
Download historical data or the latest for September 2024
World average electricity prices over time, USD / kWh, Q1 2019 - Q3 2024
Between Q2 and Q3 2024, the world average price of electricity increased by 4.57 percent for households and by 2.53 percent for business. As such, the long trend of declining electricity prices since the energy shock of 2022 was reversed. The main contributing factor was the extraordinary hot summer that boosted the demand for electricity. More stable energy commodity prices as well as the growth in electricity demand from AI also played a role.
Short presentation on recent price trends and outlook
Average electricity prices in Europe over time, USD / kWh, Q1 2019 - Q3 2024
Electricity prices in Europe, where almost all countries have liberalized power markets and prices tend to fluctuate, increased by 3.76 for households and 3.97 for businesses.
Notable price changes in specific countries
The lowest residential electricity prices are in Ethiopia, Iran, Libya, Syria, Sudan and a few other countries where one kWh of electricity costs less than USD 0.10. Some of these counties, such as Iran and Libya, subsidize their electricity prices as they are rich in energy resources. Others, such as Ethiopia, are pressed to subsidize prices as incomes in the country are very low and electricity is an essential product.
The most expensive country in our latest rankings is Bermuda. A remote island country, it has to rely on fossil fuels for electricity generation with no option to import electricity from a neighbor. The Bahamas, also among the most expensive countries, faces a similar situation. But there are also several European countries among the most expensive such as Italy, Ireland and the U.K. These countries have higher taxes and relatively high transmission and distribution costs.
Business rates in the largest economies
The cost in the US, the largest economy in the world, is USD 0.145 per kWh which is slightly below the world average. The rates in the second largest economy, China, are even lower and stand at USD 0.09 per kWh.
In contrast, German businesses pay USD 0.252 per kWh and Japan is in between with USD 0.192. These differences show that energy policies differ by country. China and the U.S. try to keep cost down whereas Germany maintains high prices as part of the effort to transition to cleaner energy.
Download historical data or the latest for September 2024
Price trends in the most recent data from Q3 2024
World average electricity prices over time, USD / kWh, Q1 2019 - Q3 2024
Between Q2 and Q3 2024, the world average price of electricity increased by 4.57 percent for households and by 2.53 percent for business. As such, the long trend of declining electricity prices since the energy shock of 2022 was reversed. The main contributing factor was the extraordinary hot summer that boosted the demand for electricity. More stable energy commodity prices as well as the growth in electricity demand from AI also played a role.
Short presentation on recent price trends and outlook
Average electricity prices in Europe over time, USD / kWh, Q1 2019 - Q3 2024
Electricity prices in Europe, where almost all countries have liberalized power markets and prices tend to fluctuate, increased by 3.76 for households and 3.97 for businesses.
Percent change in electricity prices by continent
The quarterly changes are from Q2 to Q3 2024. The annual changes are from Q3 2023 to Q3 2024.
| Continent |
Households
quarterly change
|
Households
annual change
|
Business
quarterly change
|
Business
annual change
|
|---|---|---|---|---|
| Africa | 0.79 | 1.42 | 0.09 | 2.13 |
| Asia | 0.10 | 4.53 | 0.12 | 1.62 |
| Europe | 3.76 | -4.43 | 3.97 | -8.59 |
| North America | 0.21 | 0.50 | -2.32 | -4.27 |
| Oceania | 4.26 | 1.67 | 17.04 | 11.65 |
| South America | 2.97 | 2.60 | 0.70 | 2.19 |
Notable price changes in specific countries
- Norway: Business rates fell by about 25 percent as abundant rainfall and wind enhanced hydro and wind power supply.
- Turkey and Argentina: Residential rates increased by about 60 percent and 30 percent, respectively, in line with high inflation and the reduction of state support for power prices.
- Ukraine: Business rates increased by about 20 percent and residential rates increased by about 60 percent as the systematic destruction of the electricity system continues to limit power supply.
