Iceland: household electricity prices 2023

In Iceland, electricity prices for households with a consumption between 2,500 and 5,000 kilowatt-hours averaged 15.3 euro cents per kilowatt-hour in the first half of 2023. Residents of Iceland noticed a steep increase in their power bills from 2020 until 2022.

Renewable energy in Iceland

Iceland has been able to take advantage of the local environment to generate significant amounts of energy from renewable resources. Hydropower is the leading source of electricity generation in the country, making up for over 70 percent of the total electricity production of Iceland. The country has a hydropower capacity of two gigawatts.

Cheap electricity

Compared to the EU average electricity price, Iceland's electricity is significantly cheaper. For instance, the average price for EU households with a consumption between 2,500 and 5,000 kilowatt-hours annually was 28.9 euro cents in the first half of 2022, around 13 cents more than in Iceland.

Electricity prices for households in Iceland from 1st quarter 2012 to 1st quarter 2023 (in euro cents per kilowatt-hour)

Characteristic	1,000-2,500 kWh	2,500-5,000 kWh
H1 2023	18.49	15.31
H2 2022	18.7	15.48
H1 2022	18.32	15.3
H2 2021	16.73	13.87
H1 2021	16.28	13.55
H2 2020	14.99	12.48
H1 2020	16.07	13.41
H2 2019	17.14	14.31
H1 2019	17.1	14.29
H2 2018	17.61	14.57
H1 2018	18.67	15.45
H2 2017	18.55	15.18
H1 2017	19.57	15.98
H2 2016	18.26	14.78
H1 2016	16.25	13.12
H2 2015	15.75	12.65
H1 2015	14.93	11.97
H2 2014	14.5	11.58
H1 2014	14.13	11.33
H2 2013	13.47	10.72
H1 2013	13.22	10.53
H2 2012	15.54	11.64
H1 2012	14.86	11.1

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Release date

October 2023

More information

Region

Iceland

Survey time period

H1 2012 to H1 2023

Supplementary notes

Prices including all taxes, levies and VAT.
Band-DB (Small): annual consumption between 1,000 and 2,500 kWh
Band-DC (Medium): annual consumption between 2,500 and 5,000 kWh.

The published data are national average prices over a period over 6 months. Semester 1 prices are average prices between 1st January and 30th June of each year, semester 2 prices are average prices between 1st July and 31st December of each year.

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