Gas prices in the European Union have reached unprecedented levels, marking the first increase since the 2022 energy crisis, according to Eurostat.
In the second half of 2024, the average gas cost soared to €12.33 per 100 kWh, up from €11.04 in the first half of 2023. This surge follows a period of stability after the 2022 energy crisis, which had been driven by the war in Ukraine and significant cuts in Russian gas imports. However, this time the rise in prices is mainly attributed to increased taxes across many EU countries, as previous relief measures have been reduced.
“The increase is largely driven by raised taxes in many EU countries, as earlier alleviation measures were scaled back,” Eurostat explains.
Price differences across countries are vast. In Sweden, the cost of gas is the highest at €18.93 per 100 kWh, followed by €16.71 in the Netherlands. On the other end of the spectrum, countries like Georgia and Turkey are paying significantly less, with prices as low as €1.73 and €2.13, respectively.
While the cheapest gas prices are found in non-EU countries like Georgia and Turkey, the EU countries that have kept their gas prices lower, such as Croatia and Romania, have made significant strides in energy independence. Croatia, for instance, has bolstered its energy strategy with its liquefied natural gas terminal on Krk, which became operational in 2021. The country plans to increase its gas production by 82% in the next three years. Similarly, Romania is working toward becoming fully autonomous in gas production, with the Neptune Deep offshore project, set to launch in 2027, aimed at doubling its gas output.
In the EU, Portugal and Italy are bearing the highest costs for natural gas, as their purchasing power struggles to keep up with rising prices. Despite this, countries like Croatia and Romania have managed to maintain low gas prices due to their ambitious long-term energy strategies.
