Ireland, Italy, and Germany had some of the highest household electricity prices worldwide, as of March 2025. At the time, Irish households were charged around 0.45 U.S. dollars per kilowatt-hour, while in Italy, the price stood at 0.43 U.S. dollars per kilowatt-hour. By comparison, in Russia, residents paid almost 10 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.

In September 2024, industrial electricity prices in the European countries of Germany, Italy, and the United Kingdom were among the highest in the world, at around **** U.S. dollars per kilowatt-hour. Singapore was the Asian country with the highest electricity bill worldwide at that time. Lowest electricity prices in the world The average retail electricity price in the United States was considerably lower than in most of Europe. Iceland was the European country with one of the lowest electricity bills for enterprises that month. At the bottom of the ranking were also Russia, Iraq, Qatar, Argentina, and Libya. In these countries, commercial electricity prices amounted to less than *** U.S. dollars per kilowatt-hour. Household electricity prices In addition, European countries had the highest household electricity prices worldwide that month, with Italy at the top of the ranking. By comparison, Iran and Ethiopia had the lowest residential electricity prices in the world.

This dataset provides values for ELECTRICITY PRICE. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Middle Eastern and African countries had the cheapest electricity prices worldwide in December 2024. Namely, the electricity price for Iran's households was only 0.4 U.S. cents per kilowatt-hour of electricity. Ethiopia, Syria, Cuba, and Sudan also had some of the lowest electricity prices worldwide that month.

Comparison of average electricity prices for residential and industrial use in various countries

Household electricity prices vary significantly around the world. In March 2025, the price of electricity was below 0.1 U.S. dollars per kilowatt-hour in countries which rely on nationally produced fossil fuels for electricity generation, while it exceeded 0.4 U.S. dollars per kilowatt-hour where the power sector is dependent on energy imports.

Monthly average retail electricity prices by state from EIA (Residential, Commercial, All Sectors).

Graph and download economic data for Global price of Energy index (PNRGINDEXM) from Jan 1992 to Jun 2025 about energy, World, indexes, and price.

In 2023, industries in the European countries of Italy, Poland, and the United Kingdom paid some of the highest electricity prices in the world. Industrial activities in Italy saw prices decrease from **** pence per kilowatt-hour in 2022 to ***** pence per kilowatt-hour in 2023. By comparison, United States-based businesses had an average electricity bill of **** pence per kilowatt-hour that year.

This dataset provides values for ENERGY PRICES. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

A comprehensive dataset of average residential, commercial, and combined electricity rates in cents per kWh for all 50 U.S. states.

Table comparing electricity prices per kWh and their annual changes in France, Germany, Spain, and Italy, highlighting the variations across European countries. Source: Eurostat.

This dataset provides values for ELECTRICITY PRICE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Electricity prices in Europe are expected to remain volatile through 2025, with Italy projected to have some of the highest rates among major European economies. This trend reflects the ongoing challenges in the energy sector, including the transition to renewable sources and the impact of geopolitical events on supply chains. Despite efforts to stabilize the market, prices in countries like Italy are forecast to reach ****** euros per megawatt hour by February 2025, indicating persistent pressure on consumers and businesses alike. Natural gas futures shaping electricity costs The electricity market's future trajectory is closely tied to natural gas prices, a key component in power generation. Dutch TTF gas futures, a benchmark for European natural gas prices, are projected to be ***** euros per megawatt hour in July 2025. The reduced output from the Groningen gas field and increased reliance on imports further complicate the pricing landscape, potentially contributing to higher electricity costs in countries like Italy. Regional disparities and global market influences While European electricity prices remain high, significant regional differences persist. For instance, natural gas prices in the United States are expected to be roughly one-third of those in Europe by March 2025, at **** U.S. dollars per million British thermal units. This stark contrast highlights the impact of domestic production capabilities on global natural gas prices. Europe's greater reliance on imports, particularly in the aftermath of geopolitical tensions and the shift away from Russian gas, continues to keep prices elevated compared to more self-sufficient markets. As a result, countries like Italy may face sustained pressure on electricity prices due to their position within the broader European energy market.

In 2024, Germany recorded the highest residential electricity price for users within Europe, at 44.11 euro cents per kilowatt-hour. This was followed by Ireland, at 36.11 euro cents per kilowatt-hour. Italy, Cyprus, Belgium, Denmark and Czechia were also among the countries with the highest electricity costs.

As of December 2024, Guatemala had the highest household electricity price among Latin American countries, with an average of **** U.S. dollars per kilowatt-hour. Argentina reported the lowest rate among the countries displayed, at less than **** U.S. dollars per kilowatt-hour. Electricity prices across the American continent Electricity prices vary considerably across the American continent. The Caribbean country of Jamaica accounted for the highest household electricity price on the continent, after Guatemala and Uruguay, at **** U.S. dollars per kilowatt-hour. In comparison, the residential electricity price in the United States amounted to approximately **** U.S. dollars per kilowatt-hour, like in Brazil. Global electricity prices After recovering from the global energy crisis, global electricity prices fell in most countries worldwide. The wildest price spikes occurred in countries that heavily rely on fossil fuels and energy imports, like the European countries. In some cases, price caps set by governmental institutions kept domestic electricity prices under a certain threshold, such as in Brazil.

This dataset provides values for ENERGY PRICES. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Levelized cost of electricity database developed by Govinda Timilsina, Sr. Economist, Development Research Group

This database is the result of the following study:
Timilsina, Govinda R. (2020). “Demystifying the Costs of Electricity Generation Technologies”. World Bank Policy Research Working Paper, WPS 9303. World Bank Washington, DC.

This database presents the cost of 11 electricity generation technologies when input variables take alternative values. The technologies are: solar PV (utility-scale), concentrated solar power, onshore wind, offshore wind, gas combined cycle, gas turbine, hydro, geothermal, coal, nuclear and biomass.

The input variables taking alternative values are discount rate, capital costs, fixed O&M costs, capacity factor, economic life, heat rate, fuel price. There are more than four thousand LCOE presented in this database.

This database could help find LCOE for any combination of input variables.

Any error in the database is of authors; it should not be attributed to the World Bank Group.
Contact: Govinda Timilsina, e-mail: gtimilsina@worldbank.org