Despite the government’s threat to funnel excess profits from energy companies, no real improvement is yet in sight. A month-to-month comparison shows that prices have risen again – in some cases significantly. For natural gas and electricity in particular, a comparison of providers is currently worthwhile.
Energy prices for households rose again in April. The energy price index (EPI) calculated by the Energy Agency rose by 2.4 percent compared to the previous month, which again had an inflationary effect. Compared to the same month last year there was an increase of 14.5 percent, in a two-year comparison – so April 2021 to April 2023 – that was an increase of 60 percent.
Gas prices, in particular, continued to rise
Natural gas prices in particular rose in a monthly comparison, which recorded the strongest increase in a monthly comparison since January 2023 at plus 11.1 percent. In a year-on-year comparison, the increase was 71.9 percent and in a two-year comparison as much as 206 percent – customers had to pay about three times as much for gas in April 2023 as they did two years ago.
It might be worth looking at the contract
The current rise in gas prices is due to price adjustments from major suppliers that came into effect in April. Wholesale prices, on the other hand, are falling, bringing new cheaper offers to the market. So price comparisons pay off.
“In the current situation, it is extremely important that you know your current contract terms exactly and compare them with the available offers,” says Karina Knaus from the Energy Agency. “In the current situation, an average household can save a few hundred to a thousand euros a year with little effort.”
Government electricity rebate “check carefully”
Also in the field of electricity, a comparison is currently worthwhile. “Despite the electricity cost brake, it is important to keep an eye on your current tariff,” says Knaus. Because taxes and fees would continue to affect actual electricity prices and not federally subsidized prices. In addition, many households are above 2900 kilowatt hours, up to which price is subsidized.
“It is important to check discounts and one-off payments and to look at the medium to long-term prices in the contract,” says Knaus. In a monthly comparison, electricity prices rose by 0.3 percent. The increase was 5.5 percent in a year-on-year comparison and 14.7 percent in a two-year comparison.
Fossil fuels are slightly cheaper again
The two fuels diesel (plus 3.2 percent) and premium gasoline (plus 1.5 percent) have also become more expensive in a monthly comparison. Although both prices fell in a year-on-year comparison (minus 6.2 percent for Super and minus 7.6 percent for Diesel), in a two-year comparison there was a clear increase of 31.2 percent (Super) and 44.5 percent (Diesel).
Heating oil has become slightly cheaper at minus 3.7 percent compared to the previous month. This means that heating oil was as cheap as last year in February 2022. There was also a minus of 15.3 percent in a year-on-year comparison, but over a two-year period, heating oil is still 69.8 percent more expensive.
Wood as an alternative?
The prices of wood pellets also fell further. In April they fell by 7.5 percent compared to the previous month, after a minus of 16.1 percent in March. For the year as a whole, there is still an increase of 18.8 percent. Pellets are very cheap compared to other energy sources. However, in the longer term, users of pellet heating also faced price increases of 59.8 percent.
Firewood became 0.6 percent cheaper in April. Year on year the increase was 58 percent. District heating prices remained unchanged month-on-month. On an annual basis, however, district heating remains expensive with a plus of 89.7 percent. Compared to April 2021, prices have more than doubled (plus 121.1 percent).
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
