Electricity prices vary globally due to factors like geographic location, terrain, resources, and infrastructure, with higher costs often passed from suppliers to consumers.

Electricity accounts for 20% of the world’s total energy consumption, with global energy consumption set to grow by 1.8% in 2024, largely driven by strong demand in Asia, the Economic Intelligence reports.

As of 2023, global electricity demand is approximately 27,000 terawatt-hours (TWh) per year, reflecting a 2% increase from the previous year. The International Energy Agency (IEA) projects that demand will accelerate in 2024, with a global growth rate of 3.3%.

Residents in countries such as Iran, Qatar, and Russia—major players in the oil industry—benefit from some of the lowest electricity prices globally due to their substantial crude oil and natural gas production.

In countries like Denmark, Belgium, and Sweden, residential electricity prices are significantly influenced by taxes, which play a major role in determining end-user costs.

The following are the top 10 countries with the highest household electricity costs, as reported by Business Insider.