British households are experiencing a notable escalation in electricity prices, outpacing most developed countries.
That’s according to a report from the International Energy Agency (IEA), which suggests since 2019, the UK has witnessed a 19% increase in electricity prices within the last year, a trend significantly higher than the global average.
In contrast, the US recorded a 5% yearly average rise from 2019 to 2023.
Energy intensive industries in the EU encountered a distinct challenge, with electricity prices nearly doubling those in the US and China in 2023.
Despite a projected 50% price decline within the EU in 2023 compared to the previous year, these industries continued to grapple with significantly higher costs than their counterparts in the US and China, a situation exacerbated by Russia’s invasion of Ukraine.
