The Impact of the Covid-19 Pandemic and the War Between Russia and Ukraine on Electricity Prices in Selected European Countries in 2022 in Terms of Economic Security

Abstract

The research includes a multidimensional comparative analysis of electricity prices in 28 European countries for non-household consumers. The highest energy prices in the first half of 2022 were also ranked in the respective analyzed countries. Increases in electricity prices for non-household consumers were examined in terms of percentage and value from the second half of 2019 to the first half of 2022 and the increases were ranked. Their leader in terms of percentage and value was Greece with the result of 353,50% which constitutes EUR 0,288 of the price increase per 1 KWh in the considered time period. A multiple regression model was also built and showed that the time series of natural gas price quotations had an impact on the increase in electricity prices for non-household consumers.