Business Electricity Prices by Country

In March 2024, Global Petrol Prices published business electricity costs, highlighting significant variations across countries. The United Kingdom leads with the highest electricity price at USD 0.507 per kWh, while Libya offers the lowest rate globally at just USD 0.009 per kWh.

Which countries have the highest business electricity prices in 2024?

Countries with high electricity costs often have substantial energy import needs or high taxes. The top 10 countries with the highest business electricity prices are:
1. United Kingdom – USD 0.507
2. Italy – USD 0.420
3. Poland – USD 0.416
4. Cayman Islands – USD 0.395
5. Barbados – USD 0.378
6. Sierra Leone – USD 0.342
7. Bahamas – USD 0.337
8. Singapore – USD 0.319
9. Aruba – USD 0.316
10. Switzerland – USD 0.304

Which countries have the lowest business electricity prices in 2024?

Countries with low business electricity prices typically benefit from abundant natural resources or government subsidies. The least expensive include:
1. Libya – USD 0.009
2. Ethiopia – USD 0.010
3. Angola – USD 0.011
4. Syria – USD 0.016
5. Bhutan – USD 0.019
6. Lesotho – USD 0.020
7. Egypt – USD 0.027
8. Sudan – USD 0.029
9. Zambia – USD 0.030
10. Algeria and Argentina – USD 0.035

How do electricity prices affect businesses globally?

Electricity prices significantly impact operating costs for businesses, especially energy-intensive industries. Higher prices in countries like the United Kingdom and Italy can strain profitability, whereas lower prices in nations such as Libya and Ethiopia help reduce operational expenses, potentially fostering growth and investment.

How do regional trends in electricity prices compare?

Electricity prices vary widely by region:
- **Europe:** Generally high, with the UK (USD 0.507) and Italy (USD 0.420) leading.
- **North America:** Includes high costs in the Cayman Islands (USD 0.395) and moderate costs in the U.S. (USD 0.145).
- **Asia:** Singapore (USD 0.319) and Japan (USD 0.175) are among the highest, while Iraq (USD 0.046) and Myanmar (USD 0.051) are more affordable.
- **Africa:** Sierra Leone (USD 0.342) contrasts with Libya’s remarkably low price (USD 0.009).

What factors influence business electricity prices?

Key factors include energy resource availability, government policies, infrastructure efficiency, and global energy market trends. Countries with robust renewable energy adoption or government subsidies often have lower electricity costs for businesses.

Business Electricity Prices by Country March 2024 (USD / kWh, March 2024)

Country USD / kWh
1 United Kingdom 0.507
2 Italy 0.42
3 Poland 0.416
4 Cayman Islands 0.395
5 Barbados 0.378
6 Sierra Leone 0.342
7 Bahamas 0.337
8 Singapore 0.319
9 Aruba 0.316
10 Switzerland 0.304
11 Slovakia 0.294
12 Bermuda 0.275
13 Cyprus 0.264
14 Liechtenstein 0.252
15 Austria 0.249
16 Jamaica 0.243
17 Costa Rica 0.242
18 Germany 0.235
19 Denmark 0.233
20 Honduras 0.229
21 Ivory Coast 0.225
22 Oman 0.223
23 Czech Republic 0.222
24 Romania 0.217
25 North Macedonia 0.215
26 Belgium 0.212
27 Nicaragua 0.211
28 Burkina Faso 0.208
29 Colombia 0.202
29 Kenya 0.202
30 Panama 0.198
31 Greece 0.196
32 Australia 0.194
33 Luxembourg 0.193
34 Cape Verde 0.19
35 Guatemala 0.189
36 El Salvador 0.188
37 Mexico 0.187
38 Slovenia 0.175
38 Japan 0.175
39 Belize 0.174
39 France 0.174
40 Lithuania 0.173
40 Hong Kong 0.173
41 Netherlands 0.17
41 Togo 0.17
42 Cameroon 0.168
43 Dominican Republic 0.166
44 Latvia 0.165
44 Pakistan 0.165
45 Lebanon 0.164
45 Peru 0.164
46 Macau 0.163
47 Taiwan 0.158
48 Madagascar 0.157
49 Malta 0.154
50 Croatia 0.153
51 Estonia 0.152
52 Mali 0.151
53 Philippines 0.149
54 United States 0.145
55 Hungary 0.144
55 Portugal 0.144
56 Sri Lanka 0.143
57 Serbia 0.139
58 Albania 0.134
59 Malaysia 0.129
60 Mauritius 0.128
61 Chile 0.127
62 South Korea 0.126
63 Thailand 0.124
64 Turkey 0.123
65 Uganda 0.121
66 Ukraine 0.12
67 India 0.119
68 Uruguay 0.113
69 Tunisia 0.111
69 Norway 0.111
69 Bulgaria 0.111
70 United Arab Emirates 0.11
71 Botswana 0.109
71 Canada 0.109
72 Morocco 0.107
72 Finland 0.107
72 Armenia 0.107
73 Bosnia and Herzegovina 0.105
74 Ghana 0.104
75 Malawi 0.103
75 Moldova 0.103
76 Brazil 0.101
77 Spain 0.1
78 Belarus 0.099
79 Georgia 0.097
80 Tanzania 0.095
80 Ecuador 0.095
81 Jordan 0.094
82 Israel 0.092
83 China 0.087
84 Bangladesh 0.085
85 South Africa 0.084
86 Mozambique 0.08
86 Eswatini 0.08
87 Iceland 0.077
87 Bahrain 0.077
88 Vietnam 0.075
89 Kazakhstan 0.072
90 Russia 0.071
91 Indonesia 0.069
91 Rwanda 0.069
91 Uzbekistan 0.069
92 DR Congo 0.068
92 Saudi Arabia 0.068
93 Nepal 0.067
94 Azerbaijan 0.065
95 Trinidad and Tobago 0.053
95 Venezuela 0.053
96 Myanmar 0.051
97 Kuwait 0.049
98 Iraq 0.046
99 Nigeria 0.043
100 Paraguay 0.042
101 Kyrgyzstan 0.037
102 Qatar 0.036
103 Algeria 0.035
103 Argentina 0.035
104 Zambia 0.03
105 Sudan 0.029
106 Egypt 0.027
107 Lesotho 0.02
108 Bhutan 0.019
109 Syria 0.016
110 Angola 0.011
111 Ethiopia 0.01
112 Libya 0.009

Data from Global Petrol Prices

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