Still at record high – household energy in October 50% more expensive than 2021

Compared to September, energy for households was 1.6 percent more expensive. Inflation was 11.0 percent in October, compared to September this year, the consumer price index rose by 1.0 percent. According to the Energy Agency, wholesale electricity and gas markets have calmed down after a turbulent summer. However, the price level is still significantly higher than before the outbreak of war in Ukraine or the corona pandemic.

At the same time, many providers continued to announce further price increases. “Here, the price distortions of recent months do not seem to have been fully passed on to all customers,” says Franz Angerer, director of the Energy Agency. “In any case, energy prices remain extremely high across all energy sources.” That is why being economical with energy and exploiting energy efficiency potential are still the most important measures for households and companies.

In October, the price of pellets and gas rose the most compared to the previous year. Electricity and petrol showed the smallest increases.

Diesel became more expensive than premium petrol
After a brief downward trend, premium gasoline prices rose slightly in September. They were 1.4 percent higher in October than in September. Compared to October last year, premium petrol was 27.5 percent more expensive – a 50 liter tank filling cost just over 85 euros, which is 20 euros more than a year ago. Diesel has become more expensive: the price increased by 48.6 percent year-on-year and by 4.6 percent month-on-month. A typical diesel tank filling cost an average of just under 100 euros in October. Fuels are the most important component in the Energy Price Index (EPI).

Electricity slightly cheaper compared to September
Electricity prices were about a quarter (24.8 percent) higher than a year ago, showing the smallest increase of all energy sources. Compared to September, electricity was even 6.8 percent cheaper. The energy agency explains that there were two opposing developments in the end customer market. On the one hand, energy prices from existing customer contracts will be further increased across the board. On the other hand, lower wholesale prices compared to the summer mean that float rates and the rates offered to new customers have eased.

With a price increase of 119 percent, gas showed the second highest rate of increase after pellets in a year-over-year comparison. Natural gas was 5.6 percent more expensive than in September. District heating cost 61.5 percent more than a year ago and was the same as the previous month. Heating oil rose by 94.5 percent compared to October 2021 and by 6.4 percent compared to September this year.

Upward trend in pellet prices stopped
The price of wood pellets rose 163.4 percent year-on-year and 7.1 percent month-on-month. Firewood cost 81.7 percent more than in October 2021 and 10.5 percent more than in September 2022. According to energy market expert Karina Knaus of the Energy Agency, the increased demand for pellets is still driving up prices. Many wanted to get rid of fossil heating systems and switch to biomass such as pellets. Stockpiling also took place in October. On the supply side, on the other hand, it will take some time before capacity can be expanded. “In any case, from November’s pellet price data, we can deduce that the upward trend has stopped as most consumers’ warehouses are full. However, how sustainable this development is remains to be seen.”