Four years since Russia's invasion: What shifts have occurred in electricity and gas prices throughout Europe?

How Russia’s Invasion Impacted European Energy Prices

Since Russia began its military action in Ukraine in February 2022, Europe has experienced significant changes in energy costs, now entering the fifth year of the conflict. Over this period, consumers across the continent have faced substantial shifts in energy prices.

Following the onset of the war and the European Union’s response—including sanctions, embargoes, and a push to diversify energy sources—Russia’s share of EU pipeline gas imports plummeted from roughly 40% in 2021 to just 6% by 2025, according to the European Council.

Although energy markets were already experiencing instability before the conflict, the war intensified volatility. In the last two years, however, energy prices across the EU have shown more stability.

Despite this recent stabilization, many European households continue to pay higher electricity and natural gas bills than they did before the invasion.

Which Countries Saw the Biggest Price Increases?

Which nations have faced the steepest rises in energy costs since the war began? And how have electricity and gas prices evolved in European capitals?

Eurostat, which publishes energy price statistics twice a year, reported that in the first half of 2025, household electricity prices in the EU had climbed 30% since early 2021, rising from 22 c€/kWh to 28.7 c€/kWh. Over the same period, natural gas prices surged by 79%, from 6.4 c€/kWh to 11.4 c€/kWh.

Tracking Energy Prices Across European Capitals

The Household Energy Price Index (HEPI)—produced by Energie-Control Austria, MEKH, and VaasaETT—monitors monthly energy prices in European capitals. The latest data, from January 2026, offers a current comparison.

Between January 2022 and January 2026, average residential electricity prices in EU capitals increased by 5%, according to HEPI. However, the upward trend began before the war: from January 2021 to January 2026, prices jumped by 38%.

• Vilnius saw the most dramatic rise, with electricity costs more than doubling (up 102%).
• Other cities with increases over 60% include Bucharest (88%), Bern (86%), Kyiv (77%), Amsterdam (75%), Riga (74%), Brussels (67%), and London (64%).
• Only Copenhagen (-16%) and Budapest (-8%) experienced declines during this period.

Major Economies and Their Capital Cities

Among the capitals of Europe’s five largest economies, London (64%) and Rome (54%) saw significant increases. Madrid (13%) and Berlin (15%) had the smallest rises, while Paris (31%) remained below the EU average.

The Role of Energy Sources

Experts from the Institute for European Energy and Climate Policy (IEECP) highlight that a country’s energy mix greatly influences its exposure to price shocks. For example, Spain relies heavily on wind, solar, and hydropower. Nordic countries, with abundant renewable resources such as hydropower, geothermal, and wind, are less affected by fossil fuel price swings.

Recent Trends: 2022–2026

Comparing January 2022 to January 2026 reveals a different pattern, with several capitals seeing falling electricity prices—Copenhagen led with a 44% drop.

• London (-22%), Madrid (-17%), Berlin (-14%), and Rome (-4%) also recorded decreases.
• Paris, however, saw a 21% increase.
• Vilnius had the highest rise within the EU (70%), while Kyiv topped the overall list with an 87% increase.

Electricity prices were highly volatile in the early years of the crisis but began to stabilize in 2025 and 2026.

These figures are presented in euros, and in countries with different currencies, exchange rate changes may also influence the results.

Natural Gas Price Developments

From January 2022 to January 2026, average residential natural gas prices in EU capitals fell by just 1%. Some cities saw notable declines, including Berlin (-41%), Brussels (-40%), and Athens (-40%).

Conversely, other capitals experienced sharp increases, led by Riga (89%), Warsaw (55%), and Lisbon (55%).

Data for January 2021 is unavailable, but figures from November 2021 already showed prices rising before the war began. Between November 2021 and January 2026, natural gas prices in EU capitals rose by 24%.

• Warsaw saw the largest increase (88%), followed by Bratislava (85%), Lisbon (77%), and Prague (70%).
• Kyiv (-35%), Bucharest (-33%), and Brussels (-18%) recorded decreases.
• Among the largest economies, London (-13%) was the only capital with a decline.
• Berlin (39%) and Paris (28%) exceeded the EU average, while Madrid (16%) and Rome (23%) saw more moderate increases.

Natural gas prices, like electricity, have stabilized over the past two years. Amsterdam was among the most volatile markets during the early stages of the crisis.

IEECP analysts attribute the rise in Dutch gas prices to the halt in production at the Groningen gas field, which was closed due to earthquake risks. They also note that countries such as Germany and Austria, which relied heavily on Russian gas imports, were particularly affected by the crisis.

Europe’s Most and Least Expensive Energy Markets

HEPI data, as highlighted in a recent Euronews report, compares electricity and gas prices across Europe’s capitals in 2026, both in euros and adjusted for purchasing power.

Tax policies on household energy vary widely across Europe, leading to significant differences in the share of taxes and VAT in final energy bills. This Euronews article explores how much of the total energy price is due to taxes in different countries.