Poland among countries with lowest energy and gas price increases in EU

Poland, Hungary and Romania recorded the lowest increases in energy and gas prices in the EU from January to October this year, a report by a government-sponsored think tank indicated.

On Wednesday, the Polish Economic Institute (PIE) published its analysis covering the economic effects of the energy crisis caused by Russia's aggression against Ukraine. According to PIE experts, average prices of electricity in the EU increased by 45 percent and natural gas prices by over 90 percent year on year.

PIE stressed that government packages designed to protect nations against the effects of the crisis reduced gas prices for households in the EU by, on average, more than 10 percent per month compared to a scenario without fiscal support. In total, government aid in the EU countries equalled EUR 573 billion.

Piotr Arak, the director of PIE, pointed out that thanks to support from the Polish government, gas prices in Poland were 40 percent lower than they could have been based on gas wholesale prices. He noted that this was the third best result in the EU after those achieved by Hungary and Romania.

He added that since the beginning of the crisis, electricity prices in Poland were, on average, 26 percent lower than in a scenario without government aid, against the EU average of 16 percent.

"The results illustrate the effectiveness of support packages," he said.