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In its 5th Edition, HAEE’s Chart of the Month focuses on Energy Prices and Energy Poverty in Greece and EU-27.
Russia’s invasion of Ukraine has affected the markets and geopolitics of energy, driving oil and gas prices to record high levels. In April 2022, the household electricity price in Greece has significantly increased by 19.14%, reaching 210.4 €/MWh, while Greek residential gas prices followed the inflationary pressure and rose to 142.8 €/MWh. The last month prices have broken historical records and are considered incredibly high compared to the ones noted a year ago. The vast increase of energy prices has resulted in consumer price inflation affecting EU member-states’ economies. Electricity, gas and fuels prices are estimated to continue to rise in 2022, causing knock-on effects on other goods and services, hurting businesses and especially low-income households. Therefore, Energy poverty became a major challenge and an urgent task, not only in developing countries, but also in EU members.