Energy prices for households fell slightly in February. The energy price index (EPI) fell by 1.4 percent compared to January. In a year-over-year comparison, however, prices increased by 30.5 percent. In January, prices had risen by about 13 percent compared to December.
Household energy prices have been on an upward trend for over a year now. In February 2022, prices were already 27.4 percent higher on an annual basis. Compared to February 2021, there is a price increase of 42 percent for this year.
Pre-crisis prices just wishful thinking?
“We are currently seeing a relaxation in many energy sources. The outlook for the future is not nearly as gloomy as it was in the fall,” says Karina Knaus, energy market expert at the Austrian energy agency. Nevertheless, prices are still at a very high level and the expert does not expect a drop to the level before the energy crisis. “As a society, we must continue to use energy consistently, efficiently and sparingly and develop alternative supply mechanisms,” said Knaus.
Electricity prices fell by 1.6 percent in February compared to the previous month, mainly due to the effect of the electricity cost brake. However, a year-on-year comparison showed a price increase of 6.6 percent. “Due to the extreme price increases in combination with a large number of compensation and support measures, many people currently do not even know at what prices they are being supplied,” says Knaus. In recent months, there have been some “extremely expensive offers and a lot of price adjustments” on the market. The expert therefore advises customers to ask questions when in doubt and to actively deal with their contracts. “This is also a good time to pull up and compare new offers.”
Price jumps since February 2022
Gas prices were 0.6 percent lower than in January and prices rose by 67.7 percent over the course of the year. Household prices for district heating remained unchanged from the previous month, but compared to February 2022, the price increase was plus 97.1 percent. Wood pellet prices fell 11.7 percent from January, but were still 74 percent higher year-on-year. Firewood prices also fell by 2.2 percent compared to January, compared to February 2022 there was a price increase of 77.0 percent.
Only premium gasoline increased by 2.0 percent in monthly comparison. Prices in February were therefore still well below the level of autumn 2022, with premium petrol costing 8.5 percent more on an annual basis. However, compared to February 2021, the price of premium gasoline has increased by a third (31 percent). Meanwhile, diesel prices fell by 1.7 percent compared to January, while domestic heating oil was 5.3 percent cheaper than a month earlier. Both energy sources were therefore cheaper than since February 2022. In a year-on-year comparison, the price of diesel rose by 17.3 percent, while heating oil became 29.3 percent more expensive.
Source: Krone
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