The energy alarm sounded / gas prices reached a four-year high

As the cold season approaches, the increase in gas prices and the low level of energy reserves have increased concerns about the cost of providing heating and electricity to households.

Despite the fact that the price of gasoline and diesel across the European Union reached a record earlier, the price of gas and electricity consumed by households increased at a slower pace. According to the European Union's weekly oil bulletin, the average price of diesel for consumers in the union increased by 35 percent from February 23 to October 5, 2026, and gasoline prices rose by 23 percent during the same period.

According to the Household Energy Price Index (HEPI), the average price of domestic gas, including tax, in EU capitals increased by 12% from February 2 to September 1, 2026, and electricity prices also increased by 4.2% in the same period; This index is prepared by the Austrian Energy Control Company, the Hungarian Energy and Public Utilities Regulatory Authority (MEKH) and the consulting and research company "VaasaETT".

Fixed-rate contracts and government support can delay or dampen the pass-through of wholesale price increases to household bills. Rising gas prices can also raise the cost of electricity, as it makes it more expensive to generate electricity at gas-fired power plants.

This comparison examines the price of each unit of energy and not the total amount of the household bill, because the final cost depends on the amount of consumption.

electricity price; From 8.4 cents in Kyiv to 41.3 cents in Brussels

As of early September 2026, the price of household electricity including tax ranged from 8.4 cents per kWh in Kyiv to 41.3 cents in Brussels, and the average price in the EU capitals surveyed was 27.2 cents per kWh.

At 41.3 cents, Brussels had the most expensive electricity among the cities surveyed. It was followed by Berlin with 39.6 cents, Dublin with 38.7 cents, Bern with 38.6 cents and London with 38.3 cents. Rome with 36.6 cents, Vienna with 34.4 cents and Prague with 34.3 cents were other cities with expensive electricity.

On the other hand, after Kyiv, Budapest with 10.3 cents, Podgorica with 11.3 cents, Belgrade with 11.6 cents and Valletta with 12.3 cents were the cheapest cities with electricity.

Although German, British and Italian capitals were among the cities with the highest electricity prices, electricity prices were lower in Madrid at 28.3 cents and Paris at 28.1 cents, though still higher than the EU average in both cities.

A significant change in ranking considering purchasing power

By adjusting prices based on the Purchasing Power Standard (PPS), which takes into account differences in the cost of living in different countries, the electricity price ranking changes dramatically. In this calculation, Bucharest is the most expensive city with a score of 55.1 and Oslo is the cheapest city with a score of 11.5.

Among the capitals of the five largest European economies, Rome is the most expensive city with a figure of 38.2 in terms of electricity prices based on purchasing power, while Paris is considered the cheapest city with 25.8. The figures of Berlin with 35.5, Madrid with 31.6 and London with 30.9 are also higher than the EU average of 29.6.

Compared to the Euro rankings, Bucharest and Warsaw experience the biggest rise, each rising 10 places, while Bern has the biggest drop, dropping 20 places. Copenhagen is also ranked next with a drop of 13 places.

The price of domestic natural gas, including tax, ranges from 1.5 euro cents per kilowatt-hour in Kyiv to 34.8 cents in Stockholm. Stockholm leads by a long distance, and Amsterdam is second with 21.2 cents.

The average gas price in EU capitals is 11.9 euro cents per kilowatt hour. Among the capitals of Europe's five largest economies, Paris is the most expensive city for household gas at 15.7 cents per kWh. In contrast, Madrid with 10.1 cents and London with 10.3 cents have the cheapest prices. Gas prices in Rome with 15.2 cents and Berlin with 12.5 cents are also higher than the EU average.

As prices are adjusted for differences in purchasing power, the rankings change. Stockholm is still the most expensive city for gas with a figure of 28.5, while Budapest is the cheapest city with a figure of 3.6. After Stockholm, Lisbon with 18.6, Amsterdam with 18.1, Rome with 15.9 and Sofia with 15.6 are among the cities with the highest gas prices based on purchasing power.

Among the capitals of the five largest European economies, after adjusting prices according to purchasing power, London is the cheapest city with a figure of 8.3 and Rome is the most expensive city with 15.9. The price of gas in Paris with 14.4 is also higher than the EU average, but in Madrid with 11.3 and Berlin with 11.2 it is lower than this average.

Price adjustments based on purchasing power make gas appear more expensive in some capital cities than in others. Sofia has registered the most change in ranking in this field and the capital of Bulgaria is in the 18th place based on the price in Euros, but by calculating the purchasing power it rises to the 5th place and Riga also goes up 6 places.

On the other hand, Dublin and Brussels experience the biggest drop in ranking, dropping 10 places each. Bern dropped 9 places and London dropped 7 places. Therefore, taking into account the difference in purchasing power, these cities are considered cheaper compared to the ranking based on the Euro.

Cheap electricity, expensive gas or vice versa?

Households in some European capitals are paying less for electricity but facing higher gas prices, or vice versa. For example, electricity prices in Stockholm and Amsterdam are in the low to moderate range, but these two cities have the most expensive gas among the capital cities surveyed. On the other hand, Bucharest, Brussels and London have relatively cheap gas despite the high price of electricity.

Changes in energy prices since before the US and Israel's military aggression against Iran

From February to September 2026, energy prices in some cities had significant changes. In the electricity sector, Lisbon registered the highest growth with an increase of 22%. It was followed by Amsterdam with 17.3%, Madrid with 15.1% and Rome with 14.9%.

On the other hand, Luxembourg experienced the biggest drop in electricity prices with a 15.3% drop. Tallinn with 7.9% and Helsinki with 7.1% decrease were in the next ranks. In the gas sector, Tallinn recorded by far the highest price increase in this period. The price of gas in this city increased by 59.2% and reached from 7.8 cents to 12.4 euro cents per kilowatt hour.

Gas prices in Brussels increased by 37.9%, Athens by 33.1%, Bern by 30.2%, London by 28.2%, Riga by 23%, Vienna by 22.8%, Paris by 22.5% and Berlin by 22%.

How will winter affect household energy bills?

September's figures may not yet reflect the full impact of the recent jump in wholesale gas prices, as fixed-rate contracts and government subsidies could delay or moderate rising household costs.

Europe is also facing lower gas reserves on the eve of winter. According to the Institute for Energy Economics and Financial Analysis (IEEFA), EU gas storage tanks were at 72.4% capacity on October 3rd, the lowest level recorded for this time of year since records began in 2011.

According to Euronews, the institute warned: Low reserves may make Europe more vulnerable to a severe cold wave in late winter. For households, the final amount of the energy bill will depend on both their contract tariff and the amount of energy they need as the temperature drops.