Global energy commodity price index 2013-2024

The global energy price index stood at around 152.6 in 2022. This was an increase compared to the previous year and a result of greater fuel and power demand as economies recovered from the coronavirus pandemic. For 2023, forecasts suggest the price index would decrease to 113. Price indices show the development of prices for goods or services over time relative to a base year. Commodity prices may be dependent on a variety of factors from supply and demand to overall economic growth.

Electricity prices around the world

As with overall fuel prices, electricity costs for end users are dependent on power infrastructure, technology type, domestic production, and governmental levies and taxes. Generally, electricity prices are lower in countries with great coal and gas resources as those have historically been the main sources for electricity generation. This is one of the reasons, why electricity prices are lowest in resource-rich countries such as Qatar, Russia, and the United States. Meanwhile, many European governments that have introduced renewable surcharges to support the deployment of solar and wind power, have the highest household electricity prices.

Benchmark oil prices

One of the commodities found within the energy market is oil. Oil is the main raw material for all common motor fuels from gasoline to kerosene. In resource-poor and remote regions such as Alaska, Hawaii, and Cyprus it is also one of the largest sources for electricity generation. Benchmark oil prices such as Europe’s Brent, the United States' WTI, or the OPEC basket are often used as indicators for the overall energy price development.