In the electricity sector, costs vary considerably across countries, depending on various factors such as infrastructure, geography, and country-specific taxes and levies. Some countries, such as Iran, Qatar, and Russia, which are major players in the oil industry, enjoy some of the lowest electricity prices in the world due to their large production of crude oil and natural gas. In contrast, other countries that rely primarily on imported fossil fuels for electricity generation are more vulnerable to fluctuations in energy market prices.
Nations such as Denmark, Belgium, and Sweden rely primarily on taxes as a significant contributor and determinant of electricity prices for end consumers.
Based on data provided by Statista, here is an overview of the 10 countries where the cost of electricity for domestic consumption is the highest:
1. **Ireland**: The cost of electricity is around $0.47 per kilowatt-hour, equivalent to about ₦747.30.
2. **Italy**: With a cost of around $0.45 per kilowatt-hour, or around ₦715.50.
3. **Belgium**: The cost of electricity is around $0.41 per kilowatt-hour, or around ₦651.90.
4. **United Kingdom**: At around $0.40 per kilowatt-hour, or around ₦636.0.
5. **Germany**: Also at $0.40 per kilowatt-hour, or around ₦636.0.
6. **Denmark**: With a cost of about $0.38 per kilowatt hour, or about ₦604.20.
7. **Netherlands**: The cost of electricity is about $0.31 per kilowatt hour, or about ₦492.90.
8. **France**: About $0.28 per kilowatt hour, or about ₦445.20.
9. **Australia**: The cost is around $0.27 per kilowatt hour, or about ₦429.30.
10. **Uruguay**: With a cost of about $0.25 per kilowatt hour, or about ₦397.50.
In Nigeria, access to electricity has been severely impacted by insufficient generation, frequent power grid outages, and limited transmission capacity. Despite government efforts, over 100 million Nigerians still do not have access to reliable power supply. The government has spent over N5 trillion on electricity subsidies in the past few years, according to statements by the Special Assistant to the President on Energy, Olu Verhejen.
These figures and findings highlight the importance of energy policies and investments in the power sector to ensure reliable and affordable access to electricity for people around the world.