People in the Czech Republic have been paying more for electricity than citizens of any other country in Europe, according to a new report from Eurostat.
“After accommodating for the purchasing power of each currency to allow for country-to-country comparisons, this is by the highest price in all of Europe. This is almost one-fifth more expensive, after conversion according to purchasing power parity of the local currency, than the second-highest electricity price in the E.U,” said Lukáš Kovanda, chief economist from Trinty Bank.
According to the Eurostat data, the average Czech household was paying about 4.66 CZK per kilowatt-hour last year, and consumed between 1,000 and 2,500 kilowatts. The economist says that even without accounting for the difference in purchasing power between Czechs and Germans, Czechs are still paying a higher price.
“Electricity was much more expensive for households in the Czech Republic than for German ones, even without accomodating for purchasing power. In the Czech Republic last year, without accounting for this metric, the kilowatt-per-hour price according to Eurostat stands at an average of 0.18 Euros annually. In Germany it was 0.17 Euros,” Kovanda said.
Eurostat’s data is showing that Czechs paying more for electricity comes despite drastically plunging electricity prices in the country.
Looking purely at numbers, Bulgaria and Hungary pay the least for electricity, but when adjusting for income and purchasing power, Luxembourg pays the least.