18 September 2022

On 28 August 2022 Dmitry Medvedev said the spot price of gas to Europe will be €5 per cubic metre by end of year.

A cubic metre of natural gas is equivalent to 10.28 Kwh. €5 per cubic metre is 48.6c per Kwh.

If there is a 42% increase when converting the international spot price of gas to wholesale electricity and a 45% increase from wholesale to retail the price would be €1.00 per Kwh.

55p per Kwh would give electric cars parity with their diesel equivalent at £1.83 per litre.

At an exchange rate of 0.87p to the euro, €1.00 per Kwh would be the equivalent of £2.90 a litre.

A spreadsheet that shows a comparison between the price for electricity and diesel per mile
is here.

19.2p per Kwh is an average price in the UK on 4 September 2022 and is expected to rise by 80% to 34.6p per Kwh on 1 October 2022.

If the price of diesel in the UK rises proportionally with electricity it will then be £3.29 a litre and when electricity is €1.00 per Kwh or 87p per Kwh, diesel will be £8.29 a litre.

Electricity prices in the EU are here.