Electricity Price Trend

For the First Quarter of 2022

Asia

In recent months, a convergence of recovering economic activity, severe weather occurrences, and a series of gas production disruptions has resulted in a considerable increase in global energy market prices. These factors have resulted in an increase in electricity prices in a number of area. As a result of this, Singapore families' power tariffs were predicted to climb by an average of 5.6% in the January to March quarter, compared to the previous quarter. Without accounting for the Goods and Services Tax (GST), the household tariff is expected to increase from 24.11 cents to 25.44 cents/kWh in the quarter ending March 31, 2022.

Europe

Electric Ireland, Ireland's largest electricity and gas provider, has announced an increase in energy bills, with the average annual electricity bill expected to jump by about 300 EUR. Electricity costs will increase by 23.4% beginning May 1, 2022. On the average domestic electricity bill, the increase will amount to 24.80 EUR/month. The increase from Electric Ireland comes after Bord Gáis announced hefty pricing hikes earlier in March. The company had postponed the hike as long as they could in the hopes that wholesale costs would fall back to levels seen in early 2021, but this has not happened.

North America

In January 2022, average electricity prices in the United States were 14.29 cents/kWh, approximately 0.94 cents higher than it was in January 2021, representing a 7.5% rise in price over the course of a single year.

For the Fourth Quarter of 2021

Asia

According to figures from the electricity ministry, India's power consumption increased by 4.5% in December to 110.34 billion units (BU). Consumption was 105.62 BU in December 2020, up from 101.08 BU in December 2019.

Peak electricity demand met or maximum supply achieved in a single day increased to 183.39 GW in December 2021, up from 182.78 GW in December 2020 and 170.49 GW in December 2019.

Europe

The European energy crisis had resulted in a dramatic rise in electricity prices, which had been particularly noticeable in Spain. Indeed, the wholesale price of power in the Iberian market in Q4 2021 was more than three times higher than in Q4 2018, the year in which the top electricity prices from 2010 to 2020 were recorded. On the Iberian wholesale market, the price of energy stood at €291.73/(MWh) in December 2021.

North America

The default rates for eight Pennsylvania electric distribution companies increased in December 2021. The increase was particularly noticeable for customers of PPL, which serves a large portion of central and eastern Pennsylvania, including the majority of Cumberland, Dauphin, Lancaster, and Perry counties. Winter electric bills for PPL's 1.4 million customers reflected a 26% rise in price, from 7.544 cents to 9.502 cents/kWh.

For First, Second and Third Quarters of 2021

Asia

As India entered and exited COVID-19 lockdowns, electricity consumption soared and plummeted, well above seasonal peaks and dips. As the economy recovered swiftly, the demand increased dramatically, particularly in late July, resulting in increasing power exchange costs. In August 2021, the electricity price stood at 9.81 Rs/kWh.

Europe

Germany (0.1813 EUR/kWh) and Italy (0.1813 EUR/kWh) had the highest power rates in the first half of 2021 while Finland (EUR 0.0676 per kWh) and Denmark (0.0797 EUR/kWh) had the lowest prices. In the first semester of 2021, the EU average price per kWh was EUR 0.1283.

Over the last 13 years, the weight of taxes has risen by 19.4% points, from 13.8% in the first half of 2008 to 33.2% in the first half of 2021. As a result, the non-household total price, which includes non-recoverable taxes, increased by 32.5% in the first half of 2021, from 0.0968 EUR/kWh in 2008 to 0.1283 EUR/kWh.

North America

In 2021, average wholesale electricity prices at major trading hubs in the United States were higher than in 2020, as rising costs for power producing fuels, particularly natural gas, pushed electricity prices higher. In February 2021, price surges were caused by supply constraints caused by cold weather in the central United States. In the second half of 2021, average energy prices at the Illinois hub in the Midcontinent ISO market were $45/MWh (up 97% from the second half of 2020) and $61/MWh at the SP15 hub in the California CAISO market (a 37% increase).

Latin America

Brazil has been dealing with a significant water shortage. The country suffered the worst water inflow in 91 years between September 2020 and August 2021. The lack of rain had been chronic, particularly in the Southeast and Center-West basins, causing challenges in numerous sectors of the economy, leading to an increase in energy costs. The average electricity tariff for industry in the captive market was 684.77 BRL/MWh in August 2021.

For the Year 2020

Asia

The overall sales price of electricity in China was 0.661, 0.646, 0.629, 0.616, and 0.585 RMB/kWh from 2016 to 2020, accordingly.  The entire sales price showed a declining trend from 2016 to 2020, owing to variables such as power market reform, power supply structure modifications, and policy price reductions.

Europe

As a result of the Covid-19 outbreak, the consequent preventive measures, and the economic downturn, electricity demand in Europe reduced dramatically in 2020. High losses in demand were noted in Italy, Spain, and the United Kingdom, with drops of over 6%, substantially higher than the region's average drop of 4 to 5%. Average industrial electricity prices were 12.55 Euro cents/kWh.

North America

Because of capital expenditures, power rates rose across the country for all sectors (residential, industrial, commercial, and agricultural). However, due to a mix of variables including low natural gas prices and dropping costs of renewable energy, notably wind and solar, customers did not witness significant price hikes.

The nationwide average expected cost of electricity for commercial users in 2020 was 10.62 cents per kilowatt-hour, according to the US Energy Information Administration. This was down from 10.63 cents/kWh in 2019 and 10.67 cents/kWh in 2018.

Latin America

In Argentina, the rates in the industrial sector have been fluctuating in recent years, with a downward trend since 2017, when they reached 77.71 USD/MWh. The price for the industrial sector in 2020 (first quarter) was 52.78 USD/MWh, a 32% increase over 2017.

Procurement Resource Database

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Procurement Resource provides latest prices of Electricity. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

Chart Description

Procurement Resource provides prices of Electricity for several regions around the globe, which are as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa 

About Electricity

Electricity refers to the flow of electrical power or charge. Electricity is one of the most widely used forms of energy as well as a basic part of nature. The electricity that we use at our homes is a secondary energy source because it is generated by the conversion of primary energy sources including coal, natural gas, solar energy, hydraulic energy, and wind energy, into electrical power. Further, as electricity can also be converted into other forms of energy like mechanical energy or heat, it is also referred to as an energy carrier.

Synonyms:

  • Power
  • Energy

Industrial Uses

  • Residential Uses
  • Industrial Uses
  • Transportation
  • Commercial Buildings

Production Processes

  • Production of Electricity from Mechanical Energy 

In order to generate electrical energy, electric power plants use turbines that convert the potential and kinetic energy of a moving fluid to mechanical energy. A moving fluid, like water, steam, or air, pushes a series of blades mounted on a shaft in a turbine generator, thus, rotating the shaft linked to a generator. On the basis of relationship between magnetism and electricity, the generator, in turn, transforms the mechanical energy to electrical energy.

Supplier Database

  • State Grid Corporation of China (SGCC)
  • Enel Group
  • General Electric Co
  • Korea Electric Power Corporation (KEPCO)
  • Tokyo Electric Power Company Holdings Inc (TEPCO)
  • EDF (Électricité de France) S.A.
  • RWE AG

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

  • Procurement Resource tracks Electricity tariff for more than 150 countries across the globe.

Methodology

The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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