Average US electricity price over the years

Wholesale electricity prices in the European Union averaged about USD 90 per MWh in the first half of 2025, supported largely by natural gas prices, which were roughly 20% higher than in 2024, according to the IEA’s Electricity Mid-Year Update 2025.

The report notes that prices faced upward pressure from greater fossil-fuel generation, driven by a year-on-year decline in wind and hydropower output.

Although average power prices were below 2023 levels, they remained higher than in 2019 — a year the IEA highlights as the last before major disruptions such as the COVID-19 pandemic, the energy crisis, and the war in Ukraine.

Electricity prices in the Nordic region were the lowest in Europe.

The IEA said futures prices for 2026 in the EU average around USD 80 per MWh, suggesting a drop of about 15% from 2025 levels.

In the United States, higher gas prices combined with colder weather also pushed up power costs, which averaged about USD 48 per MWh. Still, the increase came from a low base: the first half of 2024 had recorded the lowest power prices for that period since 2020.

In the Nordics, average electricity prices fell more than 20% year-on-year in the first half of 2025 to about USD 40 per MWh, reflecting stronger wind generation and greater hydropower output, the update said.

The report also includes country-level details for Germany, France, Japan, India, Australia, and the United Kingdom.