According to the energy agency, all prices remained at a high level. For the first time since May, however, there was a monthly comparison of prices, the reason being lower fuel prices than in July. Figures for September, however, showed sensitive increases again, especially for diesel. Electricity and gas price increases will also affect household energy prices in September.Vienna. According to the energy price index (EPI) calculated by the Austrian Energy Agency, household energy rose by 40.7 percent in August compared to the same month last year. Compared to the previous month of July, prices fell by 4.2 percent and thus had a dampening effect on inflation. The reason for this is lower fuel prices in a month-on-month comparison, which eased the situation somewhat in the second half of August in particular.
Energy prices for electricity and gas increased massively
“We are observing another segment with great concern,” said Energy Agency Managing Director Franz Angerer, according to the press release. “For September, the two largest suppliers in Austria, along with many others, have massively increased the energy prices for electricity and gas.” Among other things, Wien Energie and EVN have raised their prices. The price hikes reflected shortages in wholesale markets, Angerer said. The associated social effects are far-reaching and can hardly be fully estimated.
The price of premium petrol in August was 38 percent higher than in August 2021 but 11.2 percent lower than in July this year. A 50-liter tank filling costs well under 100 euros again, but 30 euros more than a year ago. Diesel was 48.6 percent more expensive than in August 2021 but 9.8 percent cheaper than in July.
The price of heating oil more than doubled in August compared to the same month last year (plus 106.6 percent) and fell slightly compared to July (minus 1.9 percent). A typical filling of 3,000 liters cost well over 4,500 euros.
Gas was 72.3 percent more expensive than the year before, electricity 12 percent and district heating 19.1 percent. There were also price increases compared to July 2022: Gas cost 2.2 percent more, electricity 3.6 percent and district heating 1.7 percent more.
“Fundamental Issue”
Wood pellets have become significantly more expensive: Prices rose by 99.9 percent compared to the same month last year and by 14.8 percent compared to the previous month. Firewood cost 56.1 percent more than in August 2021 and 4.5 percent more than in July 2022. “Firewood and wood pellets are still relatively cheap sources of energy,” according to the Energy Agency. The reason for the price increases is the increased demand combined with reduced imports from Ukraine and Russia. The market has not yet been able to react to this situation, or not at the same speed.
In the recent past, energy has always been cheap and available in abundance, says Angerer. “In the past few months, we have been made aware that the security of supply and price stability of energy sources cannot be taken for granted.” The current shortage of gas supply “presents us in Europe with a fundamental problem”. In view of this, one must also appeal to a certain extent to the perseverance and adaptability of society.
A lack of generation capacity would drive prices up further. “These high prices must be understood as a clear signal to save and diversify: wind power, photovoltaics, geothermal energy and biomass are needed. “This is the only way we can free ourselves from our dependence on fossil raw material imports in the medium term,” emphasizes Angerer. The current renaissance of coal-fired power plants or a long-term use of natural gas via alternative supply routes could at best be an emergency solution.
Source: Nachrichten
