Compared to August, there was a “significant decrease” of 2.4 percent, as reported by the Energy Agency based on the Energy Price Index (EPI). Year-over-year, costs fell by an “impressive 15.2 percent.” Household energy costs have thus been steadily dropping for a year now. However, energy remains 29.3 percent more expensive than before the energy crisis.
The recent drop in September’s energy prices, especially for fuel, continues to have a dampening effect on overall inflation, according to the Austrian Energy Agency. “Despite this, prices remain high compared to pre-crisis levels,” experts noted. Specifically, costs are still 29.3 percent higher than in September 2021. Additionally, support measures are set to expire at the end of the year.
Heating oil and fuel saw the largest price drops compared to last year. Natural gas, firewood, and pellets also became significantly cheaper in September this year, while electricity prices rose.
In detail: in September 2024, super gasoline prices fell by 4.3 percent from the previous month, while diesel dropped by 3.8 percent. Year-over-year, diesel declined by 13.9 percent, and super gasoline by 11.7 percent, saving around €12 per 50 liters of diesel and €10 for super gasoline compared to a year ago. “The declining fuel prices are partly due to reduced demand from China and Europe,” explained the Energy Agency.
Heating oil was 4 percent cheaper in September compared to August and 17.4 percent cheaper than a year ago, though still 44.9 percent higher than in September 2021. Household gas prices fell 1.9 percent from August, with an annual decrease of a “substantial 26 percent.” Yet, gas remains 120.2 percent more expensive than in September 2021.
Electricity, however, became more expensive across all periods of comparison—up 0.1 percent from the previous month, 5.9 percent from the previous year, and 10.4 percent from the pre-crisis level in September 2021.
The price of wood pellets dropped by 1 percent from the previous month and 22.6 percent year-over-year, although it remains nearly 24.6 percent higher than in September 2021. Firewood was 1.3 percent cheaper in September compared to the previous month and 12.6 percent cheaper year-over-year, though it still costs 44.9 percent more than in September three years ago.
District heating prices rose by 1.4 percent month-over-month in September but fell 10.1 percent year-over-year and remain a significant 77.4 percent above pre-crisis levels.
According to the Energy Agency, recent geopolitical developments have led to slightly rising wholesale gas prices, which also impacted the electricity market. Customers with variable-rate contracts may already see these changes reflected on their bills. “However, this short-term development is overshadowed by an overarching trend of declining prices.”
Data from various sources indicate that “a portion of Austrian households continue to pay high prices for gas and electricity, as some contracts were signed during periods of exceptionally high energy prices,” the Energy Agency noted. In the electricity sector, costs could further increase at the turn of the year, as the electricity price cap is set to expire on December 31, 2024.
“In simple terms, this measure currently limits the electricity price to 10 cents per kWh, with the state covering the difference.” Extending this measure would not be beneficial from an energy policy perspective, according to Energy Agency expert Lukas Zwieb. While the price cap has provided short-term relief and protected the public from extreme price impacts, the market has since stabilized, and affordable offers are once again available nationwide. “It’s important to be aware of and review one’s electricity costs and consider alternative offers,” he advised, encouraging people to act now. A change of provider can be done in just a few steps online, using comparison tools like the E-Control tariff calculator.
