How did energy prices affect European households in 2022?

Rising energy prices, particularly in the second half of 2021 and during 2022, resulted in higher than usual energy expenditures for all European households. Energy price increases in 2022 disproportionally affected the most vulnerable, low-income households, who spent an estimated 12% of their total budget on energy in 2022, up from 7.8% in 2020.

How much does electricity cost in the EU?

The EU average price in the second half of 2023 — a weighted average using the most recent (2022) consumption data for electricity by household consumers — was €0.2847 per KWh. Figure 2 depicts the development of electricity prices for household consumers in the EU since the first half of 2008.

Why is energy storage important in the EU?

It can also facilitate the electrification of different economic sectors, notably buildings and transport. The main energy storage method in the EU is by far 'pumped hydro' storage, but battery storage projects are rising. A variety of new technologies to store energy are also rapidly developing and becoming increasingly market-competitive.

Which country has the most energy storage capacity?

The Americas region represents 21% of annual energy storage capacity on a gigawatt basis by 2030. The US is by far the largest market, led by a pipeline of large-scale projects in California, the Southwest and Texas. The US has a seen a wave of project delays due to rising battery costs.

How did the energy crisis affect European households?

European households’ energy expenditure shares fell for all income levels between 2012 and mid-2021, when the trend was reversed by the crisis. Rising energy prices, particularly in the second half of 2021 and during 2022, resulted in higher than usual energy expenditures for all European households.

Will energy prices rise in Europe in 2023?

The price that energy customers pay in Europe has never been higher than in 2023. Far from being back at pre-pandemic levels, electricity and natural gas rates were still increasing in the first half of the year.