Electricity prices rockets 83% in Denmark

Electricity prices in Denmark rocketed to as high as 83% in the past year, Danish utility regulator, Forsyningstilsynet, said in a statement Friday.

Forsyningstilsynet said electric prices for households and small commercial units marked a steady rise from the second to the third quarter by 15%. As the increases commenced in the third quarter, an increase of 83% has been observed by authorities.

"The new statistics show that the electricity price accounted for approximately 49 per cent of the average price in Quarter 3 of 2022. This is an increase of 6 percentage points from Quarter 2 of 2022, when it amounted to approximately 43%. Compared to Quarter 3 of 2021, the same share increased by 25 percentage points from around 24% in Quarter 3 of 2021," it said.

The statement said in addition to the price of electricity, the total bill also takes into account subscription payments, payments to the grid company and Energinet as well as electricity tax and VAT.

Gas and electricity prices are closely linked in Denmark as the market is regulated by the most expensive energy source, hence the rising cost of gas influenced electricity prices.