(fra Kommisjonens rapport 26.2.2025)

The 2024 edition of the energy prices and costs report emerges against the backdrop of a prolonged period of turmoil that has characterised the global and European energy markets since 2020. The energy price slump experienced during COVID-19 gave way to a sustained period of high energy prices from mid-2021 until end of 2023. Exceptionally high prices had, and continue to have, serious implications for European households, industry, the broader economy and public finances. The purpose of this report is to analyse the evolution of energy prices and to provide a clear understanding of their impact on energy costs for EU industry and households, on EU energy imports and energy taxes.

The European Union has established an ambitious energy policy framework under the European Green Deal, which requires further reinforcement in response to past crises and ongoing challenges. Furthermore, the geo-economic landscape necessitates tangible actions to guarantee competitive and affordable energy for both businesses and citizens, while ensuring continued progress towards decarbonisation. The Clean Industrial Deal and Affordable Energy Action Plan aim to address these challenges.

This report provides a comprehensive overview of the evolution of energy prices and costs in the European Union from 2010 to 2023, with additional data covering the first half of 2024 where available 1 . Building on the approach used in previous editions 2 , the report draws on data and analyses from an in-depth study 3 and the Commission’s own work, prioritizing publicly available statistical sources and supplementing these with targeted data collections.

Wholesale prices have stabilised on both electricity and gas markets since the energy crisis of 2021-2023, although at a level higher than their historical averages. 4  On the other hand, due notably to the time lag in transmission of prices between the two market segments, the drop in wholesale prices is yet to bring down retail energy prices, which are still higher for households and enterprises than before 2021. Household gas prices were almost twice as high in 2023 than before the crisis. Similarly, industrial gas and electricity prices, while lower than during the crisis, are still 2-4 times higher than in the EU’s main trading partners, which threatens the long-term competitiveness of European industry. Especially in the energy-intensive sectors, soaring energy prices are a key factor impacting their competitiveness.

The EU is dependent on imports to cover >90% of its oil and gas consumption. Aside from the energy security considerations, the fossil energy import bill, which reached EUR 427 billion in 2023 (2.5% of EU GDP), is a significant drain on the European economy. Crude oil remains the main import (with 56% share of the total bill), followed by natural gas and coal. Despite a sharp decrease as prices of these commodities came down, the import bill in 2023 was still 45% higher than the 2014-2020 average. The 2022 RePowerEU Plan proposed measures to enhance the security of energy supply, accelerate the deployment of renewables, moderate demand and increase energy efficiency to achieve a more flexible, cost-efficient, and resilient European energy system in the future.

Finally, the energy crisis also had an impact on energy taxation policy. Together with other measures, energy tax revenues decreased at the same time as many Member States compensated household and industrial for higher energy costs.