Retail residential electricity prices in the United States have mostly risen over the last decades. In 2023, prices registered a year-over-year growth of 6.3 percent, the highest growth registered since the beginning of the century. Residential prices are projected to continue to grow by two percent in 2024. Drivers of electricity price growth The price of electricity is partially dependent on the various energy sources used for generation, such as coal, gas, oil, renewable energy, or nuclear. In the U.S., electricity prices are highly connected to natural gas prices. As the commodity is exposed to international markets that pay a higher rate, U.S. prices are also expected to rise, as it has been witnessed during the energy crisis in 2022. Electricity demand is also expected to increase, especially in regions that will likely require more heating or cooling as climate change impacts progress, driving up electricity prices. Which states pay the most for electricity? Electricity prices can vary greatly depending on both state and region. Hawaii has the highest electricity prices in the U.S., at roughly 43 U.S. cents per kilowatt-hour as of May 2023, due to the high costs of crude oil used to fuel the state’s electricity. In comparison, Idaho has one of the lowest retail rates. Much of the state’s energy is generated from hydroelectricity, which requires virtually no fuel. In addition, construction costs can be spread out over decades.

Wholesale electricity prices in the European Union (EU) increased in 2024 after recovering from the global energy crisis in 2023. This was the result of a myriad of factors, including increased demand in the “post-pandemic” economic recovery, a rise in natural gas and coal prices, and a decline in renewable power generation due to low wind speeds and drought. Nuclear power's critical role In 2023, nuclear and wind were among the leading sources of electricity generation in the EU, accounting for more than one-third of the output. Nuclear energy continues to play a crucial role in the European Union's electricity mix, generating approximately 619 terawatt-hours in 2023, which accounted for about 20 percent of the region's power production. However, the future of nuclear power in Europe is uncertain, with some countries like Germany phasing out their nuclear plants while others maintain their reliance on this energy source. The varied approaches to nuclear power across EU member states contribute to the differences in electricity prices and supply stability throughout the region.

Renewable energy's growing impact As Europe strives to decarbonize its energy sector, renewable sources are gaining prominence. Wind power in Europe, in particular, has seen significant growth, with installed capacity in Europe reaching 257.1 gigawatt hours in 2023. This expansion of renewable energy infrastructure is gradually reshaping the electricity market, potentially leading to more stable prices in the long term. However, the intermittent nature of some renewable sources, such as wind and solar, can still contribute to price fluctuations, especially during periods of low output.

The retail price for electricity in the United States stood at an average of 12.72 U.S. dollar cents per kilowatt-hour in 2023. This is the highest figure reported in the indicated period. Nevertheless, the U.S. still has one of the lowest electricity prices worldwide. As a major producer of primary energy, energy prices are lower than in countries that are more reliant on imports or impose higher taxes. Electricity prices in the U.S. by consumer group On average, retail electricity prices in the U.S. grew by over 85 percent since the beginning of the century. However, not every sector has been affected equally by the said price increase. U.S. electricity prices for residential customers saw a much steeper increase in the period, while transportation prices increased by approximately 50 percent. Reasons for increases in electricity prices The rising prices are justified by the costs of power production and power grid maintenance. Although the production cost of electricity generated from coal, natural gas, and nuclear sources remained relatively stable, the integration of renewable energy sources, investments in smart grid technologies, growing peak demand, power blackouts caused by natural disasters, and the global energy crisis in 2022 continued to trouble the electric utility industry in recent years. Average U.S. electricity prices per state can also vary widely, with Hawaii residents experiencing some of the highest rates in the country.

Germany's electricity prices have experienced an increase in the latter half of 2024 and the beginning of 2025, reaching an average of 140.42 euros per megawatt-hour in February 2025. This marks a notable decrease from the record high of over 469 euros per megawatt-hour in August 2022, yet remains above pre-pandemic levels. The ongoing volatility in energy prices continues to impact German households and businesses, reflecting broader trends across Europe's energy landscape. Electricity price recovery German electricity prices began recovering back to pre-energy crisis levels in 2024, a period driven by a complex interplay of factors, including increased heating demand, reduced wind power generation, and water scarcity affecting hydropower production. The rise in natural gas and coal prices, exacerbated by the economic recovery post-COVID-19 and the Ukraine conflict, further contributed to the spike. Despite Germany's progress in renewable energy sources, with over 50 percent of gross electricity generated from renewable sources in 2023, the country still relies heavily on fossil fuels. Coal and natural gas accounted for approximately 40 percent of the energy mix, making Germany vulnerable to fluctuations in global fuel prices. Impact on consumers and future outlook The volatility in electricity prices has directly impacted German consumers. As of April 1, 2024, households with basic supplier contracts were paying around 46 cents per kilowatt-hour, making it the most expensive option compared to other providers or special contracts. The breakdown of household electricity prices in 2023 showed that supply and margin, along with energy procurement, constituted the largest controllable components, amounting to 40.6 and 11.6 euro cents per kilowatt-hour, respectively. While prices have decreased since the 2022 peak, they remain higher than pre-crisis levels, underscoring the ongoing challenges in Germany's energy sector as it continues its transition towards renewable sources.

This dataset was collected to understand how Norwegian households responded to the electricity price shock due to the European energy crisis. It consists of consumer characteristics and their self-reported responses to the extraordinarily high electricity prices which were collected by a survey of 4,446 consumers. The consumer characteristics contain information about socio-demographics such as income, age, education, number of residents, residence type, residence size, and how conscious the respondents are about their electricity consumption. Furthermore, major electricity-consuming appliances are identified, such as whether the residents have an electric vehicle and how they heat their homes, and if they have a variable electricity tariff. In addition, hourly metered electricity consumption data covering October 2020 to March 2022 from a subset of 1,136 residential consumers of the surveyed households and the total hourly residential electricity consumption per Norwegian bidding area from July 2019 to July 2022as well as the hourly day-ahead electricity prices are included in the dataset. These data are interesting to researchers that aim to gain insight into the electricity consumption behaviour of the residential sector and the impact of different socio-demographic variables.

A detailed description is available as a data article in Data in Brief: Norwegian hourly residential electricity demand data with consumer characteristics during the European energy crisis - ScienceDirect

Supplementary figures containing the survey results are available here: Supplementary result diagrams from household surveys on implicit demand response (zenodo.org)

Survey answers in Norwegian are available here: iFleks-prosjekt: Spørreundersøkelser med husholdninger og næringsliv om forbruksrespons på elektrisitetspriser

Electricity prices for Italian households with an annual consumption between 1,000 and 2,500 kilowatt-hours averaged 38.77 euro cents per kilowatt-hour in 2023. Regarding households with an annual consumption of up to 5,000 kilowatt-hours, their electricity price was less expensive, at 25.22 euros per kilowatt-hour.   Energy crisis In 2022, the global energy crisis severely impacted electricity prices in Italy. Before the market tightening following Russia's invasion of Ukraine, Italy was heavily dependent on natural gas imports from Russia. Natural gas supply shortage drove electricity prices up, a trend that was still observed in 2023. Energy transition in Italy The share of renewable energy consumed in Italy has almost tripled between 2000 and 2022, thanks to conspicuous investment in the renewable electricity sector. However, the amount of investment has stagnated below four billion euros per year since 2013, and the share of renewables in the total energy consumption has not surpassed 20 percent.

The average wholesale electricity price in Norway stood at 28.32 euros per megawatt-hour in October 2024. The country's electricity prices reached a record high in August 2022, at 246 euros per megawatt-hour, the result of the global energy crisis and a drought that hit the country that summer.

UK Electricity decreased 15.90 GBP/MWh or 15.52% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for the United Kingdom Electricity Price.

As of December 2023, Guatemala had the highest household electricity price among Latin American countries, with an average of 0.3 U.S. dollars per kilowatt-hour. Argentina reported the lowest rate among the countries displayed, at less than 0.05 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 0.25 U.S. dollars per kilowatt-hour. In comparison, the residential electricity price in the United States amounted to approximately 0.16 U.S. dollars per kilowatt-hour, like in Brazil. Global electricity prices With the energy crisis of 2022, global electricity prices boomed to unprecedented values 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.

In February 2025, electricity prices in the United Kingdom amounted to 143.37 British pounds per megawatt-hour, an increase on the previous month. A record high was reached in August 2022 when day-ahead baseload contracts averaged 363.7 British pounds per megawatt-hour.
Electricity price stabilization in Europe Electricity prices increased in 2024 compared to the previous year, when prices stabilized after the energy supply shortage. Price spikes were driven by the growing wholesale prices of natural gas and coal worldwide, which are among the main sources of power in the region.

… and in the United Kingdom? The United Kingdom was one of the countries with the highest electricity prices worldwide during the energy crisis. Since then, prices have been stabilizing, almost to pre-energy crisis levels. The use of nuclear, wind, and bioenergy for electricity generation has been increasing recently. The fuel types are an alternative to fossil fuels and are part of the country's power generation plans going into the future.

Abstract

Energy price inflation is an important metric to inform economic policy but traditional sources of consumer prices are often produced with delay during crises and only at an aggregate level. This may poorly reflect the actual price trends in rural or poverty-stricken areas, where large populations reside in fragile situations. This data set includes energy price estimates and is intended to help gain insight in price developments beyond what can be formally measured by traditional methods. The estimates are generated using a machine-learning approach that imputes ongoing subnational price surveys, often with accuracy similar to direct measurement of prices. The data set provides new opportunities to investigate local price dynamics in areas where populations are sensitive to localized price shocks and where traditional data are not available.

Geographic coverage notes

The data cover the following sub-national areas: Abia, Borno, Yobe, Katsina, Kano, Kaduna, Gombe, Jigawa, Kebbi, Oyo, Zamfara, Lagos, Adamawa, Market Average

The data consists of writings in which Finns describes their experiences of the energy crisis of 2022 and 2023. In the writing call respondents were asked to describe their thoughts and feelings about the increased energy prices. A number of supporting questions were provided to help with the writing process. These included questions on how recent crises have affected the respondent's consumption habits and how increased costs have affected their own energy use. Other questions included what the respondent is willing to sacrifice to participate in energy saving initiatives and what they would not be willing to give up. They were also asked how they see the future. Background information includes the respondent's sex, year of birth, occupation and place of residence, if provided. The data were organised into an easy to use HTML version at FSD.

Inflation for housing, water, electricity, gas, and other fuels in the United Kingdom was three percent in the fourth quarter of 2024, a relatively sharp uptick from the previous quarter and above the overall rate of inflation.

According to Cognitive Market Research, the Global Electric Boilers Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031.

The Electric Boilers Market will expand significantly by XX% CAGR between 2024 and 2031.
Electric hot water boilers account for the largest market share and are anticipated to have healthy growth over the approaching years.
The application of Electric boilers in residential areas holds the largest market share compared to others.
The offline distribution segment is the market’s largest contributor and is anticipated to expand at a CAGR of XX% during the projected period.
North-America region dominated the market and accounted for the highest revenue of XX% in 2022 and it is projected that it will grow at a CAGR of XX% in the future.

Market Dynamics of the Electric Boilers Market

Key Drivers of the Electric Boilers Market

The wide range of benefits of electric boilers is leading to the market growth.

Traditional boilers burn fuels like coal, oil, or gas, which release harmful gases into the air, causing air pollution and eruption to climatic disturbance. Electric boilers on the other hand, run on electricity and do not burn fossil fuels to generate heat. Also, they do not rely on moving elements or others that produce noise; hence, are a perfect example of optimal utilization of resources with less wastage that is carbon emissions. Electric boilers are ideal for backup heating at home to boost your existing central heating system and their efficiency ratings are always high, ranging from 99 to 100%.

The other benefits of electric boilers are their high-efficiency levels, their environmentally friendly nature, flexible and easy installation process, less maintenance requirements, all these advantages make them the better and an attractive option compared to traditional and non-electric boilers.

The increase in demand for electric automobiles is driving the growth of the electric boilers market.

The demand for electric boilers is somewhat related to the demand for electric automobiles. The growing climatic concerns and environmental issues are leading people across the world to think and adopt alternative means. The shift from non-electric means to electric ones has already been initiated by almost all the regions to cater energy efficient, environmentally friendly installation to sustain the environment. Furthermore, electric boilers are naturally clean and release no direct emissions, which makes them an essential component in achieving the larger objective of lowering greenhouse emissions.

Key Restraints of the Electric Boilers Market

The rise in the price of electricity can restrict the market for electric boilers.

An electric boiler is a device that uses electrical energy to boil water instead of fossil fuels used in traditional gas or boilers. The meaning itself clearly explains that electric boilers are dependent on electricity for their operation. The electric boiler can not work without electricity; hence any change and variation in regards to electricity can directly affect the Electric Boilers Market.

The electricity market has been experiencing price hikes for a few years, which is also a concern for consumers using electric boilers or thinking of owning one in the future. The usage of electric boilers over gas boilers can become costlier if the electricity prices keep on rising. For instance, Electricity prices soared in 2022 during the worst energy crisis, leading to widespread of inflation and energy poverty. The European energy system was the most severely affected region as Italy’s prices for electricity were almost doubled. The prices in the United States and Russia experienced a variation of around 25%. During such situations, it would have been difficult for consumers to even think of using electric boilers and such concerns may affect the demand for the electric boilers in the market. (Source: https://www.statista.com/topics/10726/global-electricity-prices/#topicOverview)

Market Opportunities in the Electric Boilers Market

The emergence of storage battery technologies would allow households to store excess energy.

Battery storage, or battery energy storage systems, are devices that enable energy from renewables, like solar and wind, to be stored and then released when the...

Table 1. Description of four scenarios run to bound the cash flow analysis for the modeled system producing oil from ten EOR reservoirs from a given number of electric generating units (EGUs). Abstract This letter compares several bounding cases for understanding the economic viability of capturing large quantities of anthropogenic CO2 from coal-fired power generators within the Electric Reliability Council of Texas electric grid and using it for pure CO2 enhanced oil recovery (EOR) in the onshore coastal region of Texas along the Gulf of Mexico. All captured CO2 in excess of that needed for EOR is sequestered in saline formations at the same geographic locations as the oil reservoirs but at a different depth. We analyze the extraction of oil from the same set of ten reservoirs within 20- and five-year time frames to describe how the scale of the carbon dioxide capture, utilization, and storage (CCUS) network changes to meet the rate of CO2 demand for oil recovery. Our analysis shows that there is a negative system-wide net present value (NPV) for all modeled scenarios. The system comes close to breakeven economics when capturing CO2 from three coal-fired power plants to produce oil via CO2-EOR over 20 years and assuming no CO2 emissions penalty. The NPV drops when we consider a larger network to produce oil more quickly (21 coal-fired generators with CO2 capture to produce 80% of the oil within five years). Upon applying a CO2 emissions penalty of 60$2009/tCO2 to fossil fuel emissions to ensure that coal-fired power plants with CO2 capture remain in baseload operation, the system economics drop significantly. We show near profitability for the cash flow of the EOR operations only; however, this situation requires relatively cheap electricity prices during operation.

Energy crisis such as the one unfolding in 2021, have the chance of increasing household energy bills by some 25 percent. Assuming governments continue decarbonizing the energy sector in line with already stated policies, unexpected price hikes of fossil fuel commodities such as natural gas and coal could see the average household bill in developed countries increase to close to 4,000 U.S. dollars by 2030. This compared to an average bill of some 3,200 U.S. dollars between 2016 and 2020. A net zero scenario would see energy bills less affected by disturbances of commodity prices, as the reliance on fossil fuels will have been further reduced.

In 2023, Hawaiian residents paid around 113.17 U.S. dollars per million British thermal unit for electricity, by far the highest price in the country. This was significantly more than electricity prices in California that year, which was the second most expensive U.S. state for electricity purchases. Electricity prices across economic sectors in the U.S. Residential customers in the U.S. paid the highest electricity prices compared to the other economic sectors. This commodity price in the state of Hawaii was over 25 U.S. dollar cents per kilowatt-hour above the national average of 17 U.S. dollar cents per kilowatt-hour. By comparison, the price of electricity for the industrial and the commercial sectors was considerably lower. Electricity sources in the U.S. In 2023, most of the electricity generated in the U.S. came from natural gas, with the country being a leading global producer. Due to its autonomous power sector, the U.S. experienced a relatively smaller impact on electricity prices from the 2022 energy crisis compared to other nations, particularly those in Europe. By comparison, Hawaii’s high electricity prices are a consequence of the island state’s reliance on imported oil for its power generation.

Snapshot img

Renewable Energy Market Size 2025-2029

The renewable energy market size is forecast to increase by USD 2266.2 billion at a CAGR of 9.6% between 2024 and 2029.

The market is experiencing significant growth driven by the global increase in energy demand and the rising popularity of clean energy technologies. As concerns over carbon emissions and climate change continue to mount, renewable energy sources such as solar, wind, and hydroelectric power are increasingly seen as viable alternatives to traditional fossil fuels. This shift is being fueled by advancements in technology, which have led to increased efficiency and decreased costs for renewable energy solutions. However, the market also faces challenges, including the competition from alternative energy sources like nuclear and natural gas, as well as regulatory and policy uncertainties. In the US, for example, the recent trend towards deregulation and the reduction of subsidies for renewable energy may impact market growth. To capitalize on opportunities and navigate these challenges effectively, companies in the market must stay abreast of technological advancements, regulatory developments, and market trends. By focusing on innovation, collaboration, and strategic partnerships, they can differentiate themselves and position themselves for long-term success in this dynamic and rapidly evolving market.

What will be the Size of the Renewable Energy Market during the forecast period?

Request Free SampleThe market continues to gain momentum as global interest in energy security and reducing greenhouse gas emissions intensifies. Solar Photovolvoltaic (PV) capacity and utility-scale systems have seen significant growth, driven by declining investment costs and improving efficiency. Hydroelectric power, wind energy, and solar energy collectively accounted for over 70% of global renewable energy generation in 2021. Policy makers worldwide are incentivizing the adoption of renewable energy through subsidies and regulations, particularly in the residential segment. Electricity prices and environmental conditions also play a role in market dynamics, with renewable energy becoming increasingly competitive with fossil fuels. Battery storage systems are increasingly integrated into renewable energy systems to address intermittency issues. Emerging technologies, such as ocean power and offshore wind energy, offer promising opportunities for future growth. Despite challenges, including interest rates and environmental conditions, the market is expected to continue expanding, contributing to a reduction in carbon footprint and the transition away from fossil fuels.

How is this Renewable Energy Industry segmented?

The renewable energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userResidentialIndustrialCommercialTypeHydropowerWindSolarOthersDeploymentOn-gridOff-gridGeographyAPACChinaIndiaJapanSouth KoreaEuropeFranceGermanyItalyNorth AmericaUSCanadaSouth AmericaBrazilMiddle East and Africa

By End-user Insights

The residential segment is estimated to witness significant growth during the forecast period.The residential sector, as the largest energy consumer globally, contributes significantly to energy inefficiency and environmental degradation. The increasing energy demand in this sector poses a challenge to achieve sustainable development goals. Transitioning to renewable energy sources, such as solar and wind, is an effective solution to address this issue. Renewable energy not only fulfills the residential sector's energy demands sustainably but also preserves limited resources for future generations. The environmental benefits include reduced greenhouse gas emissions, improved air quality, and mitigation of urban heat island effects. Policy makers play a crucial role in implementing incentives and regulations to accelerate the adoption of renewable energy in the residential segment. Key renewable energy sources include solar PV, onshore and offshore wind, hydroelectric power, and geothermal energy. Solar energy, through residential systems, commercial systems, and utility-scale onshore wind, is a significant contributor to the market. The global energy crisis, characterized by high electricity prices, has further d the need for clean and affordable energy. The integration of battery storage systems and smart cities is expected to enhance the efficiency and reliability of renewable energy systems. The market includes various players, such as Enel Spa, Enel Green Power, and Sol Customer Solutions, among others. Policy implementation, wind energy additions, and regulatory reforms are key drivers of market growth. However, undersubscription of auctions, permitting delays, and module price fluctuations pose chal

The price of Glass Electrical Insulator in Italy, stated as $7.4 per unit (FOB), decreased by -2.9% in June 2023 compared to the previous month.

The Crisis Monitor has been conducted regularly by the opinion research institute forsa on behalf of the Press and Information Office of the German Federal Government since calendar week 1/2023. The Crisis Monitor is a continuation of the representative population surveys Trendquestions Ukraine on the topic of Germany and the Ukraine war conducted regularly by forsa in the period from calendar week 13/2022 to 50/2022. The individual question areas were adjusted depending on the survey period. In the survey period from 13.03.2023 to 15.03.2023, the German-speaking resident population aged 14 and older was surveyed in telephone interviews (CATI). Respondents were selected using a multistage random sample.
Germany should continue to maintain the adopted economic sanctions against Russia vs. extent of concern about the following in connection with the war in Ukraine: Germany is being dragged into a war with Russia, Germany is taking on too much by taking in refugees from Ukraine, everything is becoming more expensive, use of nuclear weapons, endangerment of energy supply in Germany, personal financial situation is worsening, financial difficulties due to additional payments for electricity and energy costs; satisfaction with regard to the way the Federal Government is dealing with the effects of the war in Ukraine on Germany; relief measures adopted by the Federal Government so far in view of rising prices are sufficient vs. further relief is necessary; importance of further relief by the government for one´s own household; being informed about relief received; perceived relief of one´s own budget by the federal government´s relief measures (noticeable, hardly relieved or not relieved at all; split: noticeably, somewhat, hardly relieved or not relieved at all).

Demography: sex; age (grouped); employment; education; party preference in the next federal election; voting behavior in the last federal election; general assessment of income (low, medium, high).

Additionally coded: region; federal state; weighting factor.